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On July 19, 2016 the Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market was published in the Official Journal of the European Union (Volume 59).
Read more: Anti Tax Avoidance Directive published in the Official Journal of the European Union
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On July 15, 2016 Panama announced its intension to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters via a statement that was published on the website of the Panamanian Ministry of Foreign Affairs. On July 18, 2016 the OECD issued a press release announcing that Panama has formally informed the OECD regarding its intention to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
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The OECD has announced that Jamaica became the 85th Jurisdiction to join the Inclusive Framework on BEPS.
In response to the call of the G20 Leaders, OECD members and G20 countries have developed an inclusive framework which allows interested countries and jurisdictions to work with OECD and G20 members on developing standards on BEPS related issues and reviewing and monitoring the implementation of the whole BEPS Package. To join the framework, interested countries and jurisdictions are required to commit to the comprehensive BEPS Package and its consistent implementation and to pay an annual BEPS Associate fee.
Read more: Jamaica becomes the 85th Jurisdiction to join the Inclusive Framework on BEPS
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On May 24, 2016 the Government of the Republic of Cyprus and the Government of the Republic of Latvia concluded a Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (Hereafter: the DTA). Since then the text of the DTA has been published in the Cyprus Government Gazette.
Although the DTA has been signed, it has not entered into force yet. For the DTA to enter into force, the respective ratification procedures have to have been finalized in both countries.
Below we will discuss a selection of provisions included in the DTA of which we think they might interest our readers.
Read more: Text of the Cypriot - Latvian DTA that was concluded on May 24, 2016
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Based on the information as provided by the U.S. Department of the Treasury on its webpage dedicated to FATCA, the Agreement between the Government of the United States of America and the Government of the Socialist Republic of Viet Nam to Improve International Tax Compliance and to Implement FATCA as signed on April 1, 2016 entered into force on July 7, 2016.
Read more: The FATCA Agreement between the United States and Vietnam entered into force
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