Elimination of Double Taxation definition

Elimination of Double Taxation. The primary objective of Double Taxation Avoidance Agreements (DTAA) is to eliminate or reduce the burden of double taxation on individuals and businesses. By defining the taxing rights of each country and providing relief mechanisms, DTAA ensures that income is not subject to taxation twice.  Promotion of International Trade and Investment: DTAA aims to promote cross-border trade and investment by providing a predictable and stable tax environment. By clarifying the taxation rules and providing incentives to investors, it encourages economic cooperation between countries.  Prevention of Tax Evasion and Avoidance: Another objective of DTAA is to prevent tax evasion and avoidance. It includes provisions for the exchange of information and cooperation between tax authorities, making it difficult for individuals and businesses to hide income or engage in aggressive tax planning strategies.  Facilitation of Exchange and Movement of Goods, Services, and Capital: DTAA plays a vital role in facilitating the exchange and movement of goods, services, and capital between countries. It provides clarity on tax implications for cross-border transactions, ensuring that businesses can operate smoothly and efficiently in foreign markets.  Ensuring Fairness and Equity: DTAA aims to ensure fairness and equity in the international tax system. It establishes rules for the allocation of taxing rights, preventing situations where income is subjected to excessive or unfair taxation.
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Related to Elimination of Double Taxation

  • Code means the Internal Revenue Code of 1986, as amended.

  • Personal Data means any information relating to an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.

  • Good Reason means:

  • Fraudulent practice means a misrepresentation of facts in order to influence a procurement process or the execution of a contract to the detriment of the Procuring Entity, and includes collusive practices among Bidders (prior to or after bid submission) designed to establish bid prices at artificial, non-competitive levels and to deprive the Procuring Entity of the benefits of free and open competition.

  • GAAP means generally accepted accounting principles in the United States of America.

  • Corrupt practice means the offering, giving, receiving, or soliciting of anything of value to influence the action of a public official in the procurement process or in contract execution.

  • Force Majeure Event means an event, or a series of related events, that is outside the reasonable control of the party affected (including failures of the internet or any public telecommunications network, hacker attacks, denial of service attacks, virus or other malicious software attacks or infections, power failures, industrial disputes affecting any third party, changes to the law, disasters, explosions, fires, floods, riots, terrorist attacks and wars);

  • Relevant Period means the period from the passing of this resolution until whichever is the earliest of:

  • tender for income-generating contracts means a written offer in the form determined by an organ of state in response to an invitation for the origination of income-generating contracts through any method envisaged in legislation that will result in a legal agreement between the organ of state and a third party that produces revenue for the organ of state, and includes, but is not limited to, leasing and disposal of assets and concession contracts, excluding direct sales and disposal of assets through public auctions; and

  • Change of Control means the occurrence of any of the following:

  • Confidential Information has the meaning set forth in Section 6.1.

  • Employer as defined in Section 3(5) of ERISA.

  • Plan means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

  • Disability means total and permanent disability as defined in Section 22(e)(3) of the Code.

  • User means a person, department or other administrative unit of the City authorized by the Contract Administrator to order Work under this Contract;

  • Governmental Authority means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

  • Imported content means that portion of the bidding price represented by the cost of components, parts or materials which have been or are still to be imported (whether by the supplier or his subcontractors) and which costs are inclusive of the costs abroad, plus freight and other direct importation costs such as landing costs, dock dues, import duty, sales duty or other similar tax or duty at the South African place of entry as well as transportation and handling charges to the factory in the Republic where the supplies covered by the bid will be manufactured.

  • Contract Price means the price payable to the supplier under the contract for the full and proper performance of his contractual obligations.

  • Amendment means a written agreement, signed by the Parties, which documents changes to the Contract other than those permitted by Work Orders.

  • Fair Market Value means, as of any date, the value of Common Stock determined as follows:

  • Personal Information means information identifiable to any person, including, but not limited to, information that relates to a person’s name, health, finances, education, business, use or receipt of governmental services or other activities, addresses, telephone numbers, social security numbers, driver license numbers, other identifying numbers, and any financial identifiers.

  • Local content means that portion of the bidding price which is not included in the imported content provided that local manufacture does take place.

  • Participant has the meaning specified in Section 10.06(d).

  • Child means a person under the age of 18 years;

  • Agreement has the meaning set forth in the preamble.

  • Subcontractor means any supplier, distributor, vendor, or firm that furnishes supplies or services to or for a prime contractor or another subcontractor.