Greece to Ratify Six Tax Accords

December 9, 2009 Taxation in CanadaTaxation in Greece

March 25 - Greece Independence DayWithin the week ending November 11th, the Greek Finance Ministry will bring forwarx six Double Taxation Avoidance Agreements (DTA) for ratification in the country’s Parliament.

Among the presented agreements, the DTA with Canada is the most significant and unique, being a product of almost 25 years of continued bilateral negotiations. Within the standard stipulations characteristic for DTAs, the most attention has been drawn to the provisions regulating the tax treatment of Canadian pensions received by Greek nationals living outside of Canada. Taking into consideration the large worldwide Greek diaspora and almost 280,000 Greeks living permanently in Canada, the inclusion of regulatory processes for pension funds, unresolved for numerous years, will prove to be of great importance to both governments.

The other five DTAs which will be presented for ratification to the Greek Parliament are with the governments of Azerbaijan, Qatar, Saudi Arabia, Serbia and Morocco. If ratified, the six new agreements may bring the number of DTAs held by Greece to 50. Statements by Greek officials indicate that as a developed country and active member of OECD, the government is continuing DTA’s negotiations with a few other countries and dedicated to initiating negotiations with additional nations in the near future.

Photo by Aster-oid