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double taxation
(redirected from Double Taxation Avoidance Agreement)

   Also found in: Financial, Acronyms, Wikipedia 0.01 sec.

double taxation n. taxation of the same property for the same purpose twice in one year. This is generally prohibited if it occurs through such circumstances as transfer of property which has been taxed once and then the tax is imposed on a new owner. However, if all property in a jurisdiction is taxed twice in the same year, it is legal since not discriminatory or unfair.



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Both sides also agreed to expedite talks for finalization of a double taxation avoidance agreement.
These relate to the concept of minimum alternative tax ( MAT) based on gross assets instead of profit, taxation of the salaried class, capital gains tax in the case of non- residents and the Income Tax Act and the Double Taxation Avoidance Agreement ( DTAA).
There were many reasons for this move, Smith explained, and as much as it may sound as a clichE[umlaut], AVG's principals chose Cyprus because it was a new member of the European Union, it has a favourable tax regime with a multitude of double taxation avoidance agreements, a sophisticated services sector, a great talent pool of highly educated local staff and a corporate culture based on English Law.
 
 
 
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