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Venezuela Limited Bilateral Tax Treaty

Come to discuss the importing regulations, policy, and standards of Venezuela.

Venezuela Limited Bilateral Tax Treaty

Postby bridgat » Tue Nov 18, 2008 7:31 am

On December 30, 1999, the Government of the United States and the Government of the Republic of Venezuela ratified a limited agreement to avoid double taxation and to avoid tax evasion regarding income tax and equity and its protocol. The Treaty was effective January 1, 2000.

The convention with Venezuela generally follows the pattern of the 1996 U.S. Model Tax Convention, while incorporating some provisions found in recent U.S. treaties with other developing countries and in the Organization for Economic Cooperation and Development (OECD) Model.

The treaty will help to avoid double taxation and prevent fiscal evasion with respect to taxes on income and capital. It will also eliminate a serious competitive disadvantage for U.S. companies which must compete with foreign companies that already have the benefit of a bilateral tax treaty.
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