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Portugal, and Madeira as an Autonomous Region of Portugal, has been signing new Double Tax Treaties - DTT's - , being the most recent ones signed with Uruguay, Kuwait, San Marino, United Arab Emirates (UAE), Hong Kong and Norway.
Our purpose is to inform you about the existence of these new conventions, which improves the competitiveness of the International Business Centre of Madeira as well as its capacity to attract foreign investment.
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NEW DOUBLE TAXATION TREATIES SIGNED BY PORTUGAL
The Double Taxation Treaties (DTT's) constitute a major tool of international tax law. Given the existence of comparable taxes in two or more States, the same tax payer, on the basis of the same generating fact and across an identical period of time, may be subject to international double taxation in respect of income that is connected to more than one jurisdiction, namely one State that is not the one of his/her residence or domicile.
In view of such reality, as a way to reduce or even eliminate such phenomenon and in the sense of what is praised by the universal principles of freedom of movement of goods, services, capitals and of single persons as well the free establishment of corporate entities, many States have celebrated and continue celebrating amongst themselves bilateral agreements - the DTT's - in the majority of cases following the OECD Model Convention, attaining through it a generalized standardization of same.
Portugal, and Madeira as an Autonomous Region of Portugal, is one of such States that have kept, throughout last years, successfully signing new Agreements with other States, stimulating as such the accrued development of its economic and trade relations, at the same time increasing the international competitiveness of Portugal and of the International Business Centre of Madeira, as well as its capacity of attracting inward foreign investment.
In this regard we are pleased to announce that Portugal has recently signed new DTT with Uruguay (already in force), Kuwait, San Marino, United Arab Emirates (UAE), Hong Kong and Norway.
It is expected that these DTT's will enter into force during this year.
In order to see an updated schedule of the DTT's signed by Portugal or even to consult the correspondent texts, please click Double-taxation-agreements.
New Madeira, an independent corporate service provider with a vast experience attracting inward foreign investment to Madeira, has provided all professional services related to the evaluation, implementation and management of business-related structures in the International Business Centre of Madeira, since 1990.
Please feel free to consult our website at http://www.newmadeira.com.
Should you require further clarification on the above or to discuss any other specific structure, do not hesitate to contact us.
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