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09 Aug 066 Australia and Norway sign revised DTA

In a press release issued on 8 August 2006, the Minister for Revenue and Assistant Treasurer, Peter Dutton, announced that a new tax treaty had been signed between Australia and the Kingdom of Norway.

"The new Treaty will enhance the already robust investment relationship between Australia and Norway and will further assist trade and investment flows between the two countries. It will substantially reduce the withholding tax on certain dividend, interest and royalty payments to provide similar outcomes to Australia’s treaty arrangements with the United States and the United Kingdom," Mr Dutton said.

The new Treaty will also update the taxation arrangements between Australia and Norway in a number of other areas. In particular, it will clarify and align the capital gains tax treatment more closely with Organisation for Economic Co-operation and Development practice, include rules to prevent tax discrimination against Australian nationals and businesses operating in Norway and provide improved integrity measures.

The new treaty will enter into force when both countries advise that they have completed their domestic requirements. Legislation for this purpose will be introduced in the Australian Parliament as soon as practicable.

For a copy of the Minister's press release, No 2006/062, 8 August 2006, go here

For a copy of the new Treaty, go here

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