[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 Spelling Bee Champ Makes it to 3rd round, Does not Advance to Scripps finals
Innovative Investors Recognised at the 3rd Regional Investor of The Year Awards 2016
Renewable Energy Employs 8.1 Million People Worldwide, Says New IRENA Report
NASA Telescopes Find Clues For How Giant Black Holes Formed So Quickly
IRENA’s 11th Council Meeting Kicks Off in Abu Dhabi
Bahamas Environment Minister named Chairman of new IRENA Council
Husband and Wife Team Having Tremendous Success with Innovative Teaching Method
The Bahamas Forges Diplomatic ties with South Africa
Bahamians abroad register to vote in upcoming referendum
Bahamas Environment Minister in Abu Dhabi to speak at IRENA
Bahamas Christian Council Group on visit to DC
MOU Signed Between Caribbean Export and The Latin Chamber of Commerce
Bahamas Delegation Participates in Seventh Meeting of CAROM-US Trade and Investment Council
Caribbean’s fisheries and tourism linkages highlighted at Geneva forum
New Calculations of Conch Catch Can Add Up to a Healthy Fishery
‘Business as usual’ approach in Caribbean will see debt soar
Rahming chairs CRULAC meeting
Bahamian top model meets the Prime Minister of Canada
Bahamians voting for Canada
PAHO/WHO urges transformation of nursing education in the Americas
Critical NASA Science Returns to Earth aboard SpaceX Dragon Spacecraft
Bahamas PM Christie attends Energy Summit in Washington
ECLAC and ILO: Latin American and Caribbean Unemployment Seen Rising in 2016 Due to Regional Economic Deterioration
Movie about Derek Walcott to have a St. Martin premiere
NASA's Kepler Mission Announces Largest Collection of Planets Ever Discovered
Caribbean Mosquito Awareness Week launched to raise awareness on preventing Zika
College of The Bahamas Choir robbed on tour in South Florida
Cost of fishing in the Caribbean to be assessed under CRFM and FAO study
Michael Dingman to bring remarks at Dingman Center for Entrepreneurship’s 30-Year Anniversary and Awards Celebration at U of Maryland May 5
Pew Commends Broad Global Support for Proposed Shark and Ray Protections
Bethel and Booker Meet with All Parliamentary Group for The Bahamas
Building the Caribbean’s muscle to ensure safe seafood and to protect and grow US$400 million in fisheries exports
CARICOM Secretary General Thankful for UK-Caribbean Forum; Expresses the Issues
Bahamas elected Chair of Inter-American Committee on Education for 2016-2018L: Will host 9th Inter-American Meeting of Ministers of Education
Bahamas Passport Clinic Set for Western Canada in June
Expo 2016 Antalya opened with world class ceremony
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