On October 20, the Government of Japan and the Government of the Republic of Austria have agreed in principle on the New Tax Convention for the Avoidance of Double Taxation with respect to Taxes on Income.
The convention will replace the current Convention that entered into force in 1963. The new Convention expands the cooperation between the tax authorities of the two countries by introducing assistance in the collection of taxes. It also expands the extent of reduction of taxation on investment income (dividends, interest and royalties) and introduce arbitration proceedings to the mutual agreement procedure in view of resolving taxation not in accordance with the provisions of the Convention.
The new Convention will be signed after the final text has been fixed and the necessary internal procedures have been completed by each of the two Governments.
The Japanese Government informed that its exports to Austria in 2013 were worth of ¥90.3B (€800M) and are primarily based on automobiles, machinery, chemicals. Imports are worth of 168.6 billion Yen (€1.5b) and consist mostly of machinery, transport equipment, timber/timber products and chemicals. The countries also established Japan-Austria Committee for Issues of the Future that consists of members from the business circle, academics, and government officials that address future-oriented issues of mutual interest, trade and investment promotion.
Source: MOFA Japan
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