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| Colombia, Portugal Sign DTA |
by Mike Godfrey, TaxNews.com, Washington
Monday, September 06, 2010
A double taxation agreement signed between Colombia and Portugal adds to those already concluded by Colombia with Spain, Switzerland, Chile, Canada, Mexico and South Korea.
Colombia and Portugal signed the agreement in Bogota to avoid double taxation and prevent income tax evasion.
The agreement was signed by the Minister of Finance and Public Credit of Colombia, Juan Carlos Echeverry Garzón and the Secretary of the Fiscal Affairs of Portugal, Tavares Vasquez.
The Colombian government said it would allow the elimination of double taxation for residents of both states, besides being a valuable tool to control tax evasion through information exchange mechanisms provided in the agreement.
Portugal has, in the last year, concluded tax information exchange accords with Gibraltar, Andorra, Bermuda, Cayman Islands, Jersey, Guernsey, Isle of Man, St. Lucia, St Kitts and Nevis and Panama. Negotiations are underway with Paraguay, Peru, Ecuador and the British Virgin Islands.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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