[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
News : International Last Updated: May 7, 2015 - 7:57:38 AM


Canada and Poland sign new tax convention
By Government of Canada
May 14, 2012 - 12:05:33 PM

Email this article
 Mobile friendly page
Canada-Poland.jpg
Ottawa, Ontario - Prime Minister Stephen Harper and Polish Prime Minister Donald Tusk today witnessed the signing of a new tax convention that will reduce tax barriers and encourage increased trade and investment between the two countries.

“Canada is committed to strengthening its relationship with Poland by fostering an environment that will encourage growth and long-term prosperity for both countries,” said Prime Minister Harper. “The new tax convention is a step in the right direction, as it will help reduce tax barriers, and support increased bilateral trade and investment.”

The new tax convention will replace the 1987 Tax Convention between Canada and Poland to better reflect current Canadian and international tax convention policies.  In particular, the new tax convention lowers the maximum rate of withholding tax imposed on dividends paid between companies, and on interest payments.

Consistent with the Government of Canada's policy announced in Budget 2007 to combat international tax evasion, the updated tax convention also includes provisions reflecting the standard developed by the Organization for Economic Co-operation and Development (OECD) for the effective exchange of tax information.

More specifically, the new tax convention will:

  • Further reduce tax barriers in order to encourage trade and investment between Canada and Poland;
  • Lower the maximum rate of withholding tax on dividends paid between companies from 15% to 5% and on interest payments from 15% to 10%;
  • Ensure the elimination of double taxation for individuals and companies doing business or earning income in the other country.

Canada currently has tax conventions in force with 89 countries. The signature of this new tax convention with Poland reflects the efforts of the Government of Canada to update its tax convention network.


Prime Minister Stephen Harper made the following remarks at a joint news conference with Donald Tusk, Prime Minister of the Republic of Poland:

“Prime Minister Tusk, you were a gracious host during my 2008 trip to Poland and it is a pleasure to at last be able to return your hospitality.

“We all recall that a similar visit, scheduled for 2010, was cancelled following the tragic plane crash that took the lives of President Kaczynski, his wife Maria and so many others.

“Today we again remember them and renew our expressions of sorrow.

“Today we also reaffirm the deep, historic partnership and friendship between Canada and Poland.

“The free Poland, which has arisen from the ashes of the old Communist state, is a democracy, a NATO ally, a partner with Canada in Afghanistan and an important market for Canadian exports.

“And largely due to Prime Minister Tusk’s leadership, Poland is also the only EU country to have completely avoided a recession following the 2008-2009 global economic and financial crisis. 

“There is therefore much that draws us together, including a vibrant Polish diaspora here in Canada of almost a million people.

“And of course, when a Comprehensive Economic Trade Agreement between Canada and the EU is completed, our ties with Poland will be further strengthened.

“Now of course moments ago, Prime Minister Tusk and I witnessed the signing of an updated double taxation agreement, to assist companies doing business in both our countries.

“This completes a project that we began on my visit to Poland. 

“Prime Minister Tusk and I have also formally agreed to work together to advance energy security.

“And finally, I am pleased to announce that Canada will make a donation to support the preservation of the Auschwitz-Birkenau Memorial in Poland.

“Prime Minister, your visit here has been long anticipated.

“And I know that you were well-received yesterday in Wilno, the site of Canada’s first Polish settlement a hundred and fifty-eight years ago.

“Like you, many Wilno residents are proud to have roots in Kaszuby.

“And Wilno is a living symbol of the generations-old relationship that connects our two countries, a relationship that we value greatly, and look forward to strengthening.

“So again, Donald, welcome to Canada.”


The Joint Statement can be found at www.nrcan-rncan.gc.ca.


Bookmark and Share


© Copyright 2012 by thebahamasweekly.com

Top of Page

Receive our Top Stories



Preview | Powered by CommandBlast

International
Latest Headlines
Bahamas Passport Clinic Set for Western Canada in June
Expo 2016 Antalya opened with world class ceremony
IAEA Director General Yukiya Amano's Statement Marking 30th Anniversary of Chernobyl Accident
Mary Lightbourne appointed as Turks and Caicos’ Deputy Director of Tourism
Special emphasis directed at flyingfish fishery in the Eastern Caribbean
(Video) PM Christie Speaks at UN High-level Signature Ceremony for the Paris Agreement, National Statements
World Leaders Sign the Paris Agreement
Turks and Caicos mourns the loss of music legend Prince
Bahamas Embassy hosts "Things to Do D.C." Washington event
Stakeholders set path for establishment of regional creative industries body
Hurricane expert, Dr. William Gray dead at 86
U.S. Secretary of State John Kerry's Bahamas 2015 Human Rights Report (pdf)
Bahamas Hon. Consul attends DePaul University Consular Corps of Chicago Luncheon
Senior official in the Bureau of Women’s Affairs Participates in U.S. State Department Exchange
From Wine Resorts to Medical Tourism: Exploring Niche Tourism Opportunities in the Caribbean
Focus on early intervention to counter violent extremism, says Secretary-General
PAHO offers to provide technical support for pilot studies of new mosquito control technologies
Caribbean Fisheries Forum meets to discuss emerging challenges
Berris Barr calls on Bahamas Consul General
Commonwealth pledges to deliver on Paris climate change agreement
Fishing for the future of Caribbean coral reefs
Scotland welcomed in London as new Commonwealth Secretary-General
Trinidad & Tobago Film, "Trafficked" Makes Cannes Debut
Young New York student learns about The Bahamas
Ryan Pinder among financial experts to address OAS Permanent Council
Rahming Delivers Bahamas’ Statement at Permanent Council Meeting of OAS
The Commonwealth Short Story Prize 2016 Shortlist Announced
IAEA Director General's Statement at Nuclear Industry Summit
Bahamas Consul General attends Pre-Easter Celebration
Bahamian Executive Chef Jeffrey Crittenden hosts Illinois Legislative Black Caucus
Charity Frees Nonviolent Prisoners for Easter Holy Week
WomanSpeak: The Impossible Journal
Hotter, Drier, Wetter. Face the Future
Water drives job creation and economic growth, says new UN report
Bahamas Permanent Mission hosts U.N. Gender-based Violence Event
Barabbas and The Tribe delight spectators 
at Savannah Annual St. Patrick’s Day Parade
The Bahamas tests tsunami warning system, Caribbean Wave
Bahamas Consul General with Students at Emporia State‏
New Bahamian Diplomatic Officers Welcomed in London‏
What is the outlook for Caribbean Trade and Business?