US Senator Dick Lugar has praised the Senate for giving its advice and consent to the US-Malta tax treaty and the protocol amending the existing US-New Zealand tax treaty.
“As the United States considers how to create jobs and maintain economic growth, we must strengthen the ability of American businesses to operate successfully in foreign markets. To this end, the US government has attempted to facilitate exports through a number of strategies, including tax treaties,” Lugar said. “Tax treaties lower effective tax rates for American companies selling American goods overseas while ensuring that foreign companies pay their fair share of taxes when operating in the United States.”
“The tax treaties with Malta and New Zealand strengthen economic and strategic ties to these allies while lowering costs for American businesses,” the Indiana Republican added.
Lugar also continued his call for a US tax treaty with Brazil. “A Brazillian tax treaty is particularly significant due to [the United States’] expansive trade and investment relationship with Brazil. The country represents the largest economy in which the United States does not have a bilateral tax treaty. American companies are currently at a competitive disadvantage when operating in Brazil,” he said.
“A tax treaty reflecting the modern policy principles underlying the internationally recognized Organisation for Economic Cooperation and Development (OECD) Model Tax Convention with respect to transfer pricing, information exchange, withholding rates, tax dispute resolution and tax sparing will provide a solid basis for development and growth for these two nations of the western hemisphere. Such a modern tax treaty is supported by numerous US and Brazilian companies as a mutually beneficial way to increase economic output in both nations and deepening our ties,” Lugar noted..
Switzerland and the United Kingdom signed a DTA Protocol on November 30, 2017.
According to an update from the Liechtenstein Government, the new DTA with the United Arab Emirates will become effective from January 1, 2018.
According to preliminary media reports, the Netherlands and Liechtenstein held a first round of DTA negotiations over three days ending November 17, 2017.
Saudi Arabia's Cabinet on November 28, 2017, authorized the signing of a DTA with Bulgaria.
Bahrain's Cabinet has approved the signing of a new DTA with Hong Kong, the state news agency said November 13, 2017.
Hong Kong announced on November 24, 2017, that its DTAs with Pakistan and Latvia had entered into force.
Finland on November 2, 2017, confirmed that a new DTA signed with Germany will be effective from January 1, 2018.
The DTA between Cyprus and Iran will become effective from January 1, 2018.
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Gibraltar and the United Kingdom are considering launching negotiations towards a DTA, according to recent comments from the UK's Economic Secretary to the Treasury.
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Spain and Portugal signed a DTA on October 18, 2017.
Pakistan and Latvia initialed a DTA on October 25, 2017.
Spain and Romania signed a DTA on October 18, 2017.
Denmark and Japan signed a DTA Protocol on October 11, 2017.
The Bahamas and Finland signed a Protocol to amend their TIEA on October 19, 2017.
The Dutch lower house of parliament on October 24, 2017, approved the ratification of a DTA signed with Zambia.
Cyprus and Mauritius signed a DTA Protocol on October 23, 2017.
According to preliminary media reports, Armenia and Iran are to enter into negotiations to revise their DTA.
The United Kingdom and Ukraine signed a DTA Protocol on October 9, 2017.
According to preliminary media reports, Spain's Cabinet on October 6, 2017, approved the signing of a DTA and accompanying Protocol with Finland.
Russia and Japan signed a DTA on September 7, 2017.
A new TIEA between the Isle of Man and Turkey entered into force on October 7, 2017.
The United Kingdom and Belarus signed a DTA on September 26, 2017.