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Ottawa, October 10, 2001
2001-087

Entry Into Force of the Tax Convention Between Canada and Portugal

Finance Minister Paul Martin today announced that a Convention between Canada and Portugal for the avoidance of double taxation and the prevention of fiscal evasion will enter into force on October 24, 2001.

The Convention was signed on June 14, 1999, in Ottawa, and the instruments of ratification were exchanged in Lisbon on September 24, 2001. In accordance with Article 28 of the Convention, it will enter into force on October 24, 2001, and its provisions will have effect:

(a) in respect of withholding taxes, on amounts paid or credited to non-residents on or after January 1, 2002; and

(b) in respect of other taxes, for taxation years beginning on or after January 1, 2002.

The full text of the Convention is available on the Department of Finance Canada Web site at www.fin.gc.ca/treaties/treatystatus_e.html.

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