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SUMMARY |
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This enactment implements tax conventions and protocols thereto
that have been signed with Vietnam, Croatia and Chile.
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Tax conventions, and their amending protocols, have two main
objectives: the avoidance of double taxation and the prevention of fiscal
evasion. Since they contain taxation rules that are different from the
provisions of the Income Tax Act, they become effective only if an Act
giving them precedence over domestic legislation is passed by
Parliament.
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The tax conventions and protocols in this enactment are generally
patterned on the Model Double Taxation Convention prepared by the
Organisation for Economic Co-operation and Development.
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