Tax treaty Aruba with Canada

ORANJESTAD — The Internal Revenue Service of Aruba reached an agreement with Canada on a tax treaty between both countries. At the end of May, the Internal Revenue Service SIAD welcomed a delegation from Canada to discuss this so-called Tax Information Exchange Agreement (TIEA).

According to SIAD, the negotiations went smoothly and the two countries reached an agreement on the contents of the TIEA. Both countries started the process as to sign the treaty as soon as possible. The treaty still requires the approval of the National Council of Ministers, so that the Minister of Finance can sign the agreement.

The delegation consisted of Alain Castonguay and Parry Athenaios of the Head of Finances in Canada. Stephanie Smith of the Internal Revenue Service of Canada was also present. Director SIAD Ritza Lopez-Hernandez and Luenne Gomez-Pieters of the Internal Revenue Service represented Aruba.

A TIEA is an agreement between countries with the aim to stimulate cooperation on tax matters by exchanging information. With reference to this treaty, Canada can provide Aruba with information and it can then be applied to Aruba. For example, if a parent company registered in Canada receives a dividend from a foreign company operating on Aruba, then the Canadian company does not pay taxes on the received dividend. According to SIAD, the conclusion of a TIEA could support the Canadian investments on Aruba.

In addition to Canada, Aruba has treaties with the Netherlands, the Netherlands Antilles, the United States, and Spain. It is the intention to conclude treaties with Australia, New-Zeeland, Norway, Denmark, Finland, Sweden, Greenland, Iceland, and the Faro islands as soon as possible. Once this is achieved, it implies that Aruba complies with the number of TIEA’s, namely twelve, and is therefore no longer included on the ‘grey list’ of the Organization for Economic Cooperation and Development (OECD).

(Source: National newspaper Amigoe)

June 9, 2009

 

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