(No. 185 - June 29, 2009)The Honourable Lawrence Cannon, Minister of Foreign Affairs, today signed the Convention between Canada and the Hellenic Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital.
“Canada is honoured to sign this convention with Greece and will work diligently to ensure that it is implemented and ratified as soon as possible,” said Minister Cannon. “The current global and financial downturn calls for the lifting of barriers on trade and investment. This tax treaty does just that and will benefit both the Canadian and Greek economies.”
The main purpose of this tax treaty is to reduce tax barriers to trade and investment. It will ensure Canadian and Greek taxpayers who invest or do business in each other’s countries are able to obtain relief from double taxation. The agreement will facilitate a greater Canadian economic presence in Greece through increased trade and investment opportunities. It will also keep Canada competitive with other countries that have double taxation conventions with Greece.
Following signature, the Convention must be ratified by each country. In Canada, implementation legislation will be tabled in Parliament for enactment through the usual legislative process.
“Our government believes that a competitive business tax system is essential to encourage new investment, growth and job creation in Canada,” added Minister Cannon.
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