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| Chile And Australia To Sign DTA |
by Mary Swire, Tax-News.com, Hong Kong
Monday, January 25, 2010
Australia’s Assistant Treasurer, Nick Sherry, has announced that Australia
and Chile have reached agreement in principle on a new bilateral double taxation
agreement (DTA).
The proposed DTA is based on the Organization for Economic Cooperation and Development's (OECD's) model tax convention. Its successful
conclusion follows recent changes to Chile's domestic law to enable Chile to
exchange banking information under DTAs in accordance with international best
practice.
The proposed treaty establishes an internationally accepted framework for the
taxation of cross-border transactions which will also reduce investor risk by
providing a degree of legal and fiscal certainty.
"Chile is a key economic and trading partner for Australia in the growing
South American market, with two-way trade now worth over AUD1.28bn (USD1.15bn),"
Sherry said. "Chile is also a major destination for Australian investment
in South America, especially in the mining sector."
"The new treaty will extend Australia's tax treaty network in South America
and reduce taxation barriers to trade and investment between the countries –
it's a great step forward for Australian businesses that this tax treaty has
been negotiated," he added. "The treaty will help maintain the integrity
of Australia's tax base by allowing the exchange of taxpayer information, including
bank information, between Australian and Chilean tax administrations."
"This historic, new tax treaty will facilitate the ongoing expansion of
trans-Pacific trade and investment flows between the two countries and will
provide long-term benefits to Australian business interests in Chile."
After the governments of the two countries have completed the necessary procedures,
the proposed treaty will be signed and submitted to the respective parliaments.
It will enter into force after approval by the parliaments and an official exchange
of notes.
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