Thursday, August 21, 2008

HMRC to Sign Tax Information Agreement with the BVI

Financial Secretary Jane Kennedy has released information about the plans of UK HM Revenue & Customs (HMRC) for the period ending March 31, 2009. HMRC is going to complete work on new Tax Information Agreements with numerous countries, among which there is the British Virgin Islands, Brazil, Jersey, Guernsey, and the Isle of Man. Double taxation conventions (DTCs) are to be signed with the Netherlands, Ethiopia, Libya and Thailand.

Besides the BVI and other countries, HMRC also intends to progress negotiations with China, US, Spain, Belgium, Luxembourg and Hungary, and start negotiations with Australia, Canada, Israel, and Spain.

The provisions of the convention between the UK and Makedonia, which was signed on November 8, 2006, took effect in the UK on April 1 for corporation tax purposes, and on April 6 for income tax and capital gains tax purposes, while in Macedonia they took effect from January 1.

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