Memorandum of Understanding
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Portugal's Economy Contracted Sharply in 2020 As the Spread of The
2.16. PORTUGAL Portugal’s economy contracted sharply in 2020 as the spread of the COVID-19 pandemic took a heavy toll on all aspects of social and business activities, with a particularly strong impact on the country’s large hospitality sector. Portugal’s GDP is estimated to have fallen by 7.6% in 2020. Quarterly rates closely followed the evolution of the pandemic and the consequent introduction of restrictions. After a cumulative drop of around 17% in the first half of 2020, GDP rebounded by 13.3% in 2020-Q3. However, the resurgence of infections brought new restrictions towards the end of the year and GDP growth weakened to 0.4% in the last quarter. With the introduction of a more stringent lockdown in mid-January 2021, GDP is projected to fall again in the first quarter of 2021, before starting to recover as of the second quarter of the year, with a major rebound in the summer months. This entails expectations for a notable rebound in tourism in the summer, particularly in intra- EU travel, and a more gradual recovery thereafter. However, the tourism sector is projected to remain somewhat below its pre-crisis level until the end of the forecast period. In full-year terms, GDP is projected to grow by 4.1% in 2021 and 4.3% in 2022. A full return to pre-pandemic levels is expected towards the end of 2022 but risks remain significant due to the country’s large dependence on foreign tourism, which continues to face uncertainties related to the evolution of the pandemic. -
GOING GLOBAL EXPORTING to NETHERLANDS a Guide for Clients
GOING GLOBAL EXPORTING TO NETHERLANDS A guide for clients #GlobalAmbition Capital city Amsterdam Population 17.3m1 GDP per capita ¤41,5002 6th in the World North Sea Competitiveness Ranking3 Unemployment (2019)AMSTERDAM 3.4%4 Predicted economic growth for 20195 3% GERMANY Enterprise Ireland client exports (2018) ¤1.07bn6 BELGIUM 2 WHY EXPORT TO THE NETHERLANDS? Only half the size of Ireland, yet the Dutch have left their mark on the world as innovators, trail blazers and world-class business professionals. The Dutch are active worldwide in providing creative and sustainable solutions for global challenges relating to water, food, energy, health, environment, and security. The Dutch data centre community, which also The Netherlands already has a robust healthcare GDP per capita houses the Amsterdam Internet Exchange (AMS-IX), and pharma landscape with companies like MSD, 2 is growing continuously with 18% average growth Jansen, TEVA, Takeda, Omron, Konica Minolta and ¤41,500 in take-up of data centers in the last 7 years in the many more. This is strengthened by the recent Amsterdam region.7 Co-locations like Interxion opening of the European Medicines Agency (EMA) but also hyper-scale data centres like Google and in Amsterdam in March 201913. The Netherlands Microsoft are well established and various new data represents an ideal market for first-presence and centres are being built over the coming years8. scaling-up in mainland Europe, from which a European export strategy can be grown. The culture Ranked number one in the world for overall logistics is direct and early-adopting which makes for shorter performance9, the Netherlands is home to world- sale cycles, reducing client risk. -
No. 1168 BELGIUM, DENMARK, FRANCE, IRELAND, ITALY
No. 1168 BELGIUM, DENMARK, FRANCE, IRELAND, ITALY, LUXEMBOURG, NETHERLANDS, NORWAY, SWEDEN and UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND Statute of the Council of Europe. Signed at London, on 5 May 1949 Official texts: English and French. Registered by the United Kingdom of Great Britain and Northern Ireland on U April 1951. BELGIQUE, DANEMARK, FRANCE, IRLANDE, ITALIE, LUXEMBOURG, NORVÈGE, PAYS-BAS, ROYAUME-UNI DE GRANDE-BRETAGNE ET D'IRLANDE DU NORD et SUÈDE Statut du Conseil de l'Europe. Signé à Londres, le 5 mai 1949 Textes officiels anglais et fran ais. Enregistr par le Royaume-Uni de Grande-Bretagne et d* Irlande du Nord le II avril 1951. 104 United Nations Treaty Series 1951 No. 1168. STATUTE1 OF THE COUNCIL OF EUROPE. SIGNED AT LONDON, ON 5 MAY 1949 The Governments of the Kingdom of Belgium, the Kingdom of Denmark, the French Republic, the Irish Republic, the Italian Republic, the Grand Duchy of Luxembourg, the Kingdom of the Netherlands, the Kingdom of Norway, the Kingdom of Sweden and the United Kingdom of Great Britain and Northern Ireland : Convinced that the pursuit of peace based upon justice and international co-operation is vital for the preservation of human society and civilisation; Reaffirming their devotion to the spiritual and moral values which are the common heritage of their peoples and the true source of individual freedom, political liberty and the rule of law, principles which form the basis of all genuine democracy; Believing that, for the maintenance and further realisation of these ideals and in -
Agreement Between the United States and the Netherlands
Agreement Between The United States And The Netherlands Contents Introduction 1 Coverage and Social Security taxes 2 Certificate of coverage 3 Monthly benefits 5 How benefits can be paid 7 A Dutch pension may affect your U.S. benefit 8 What you need to know about Medicare 8 Claims for benefits 9 Authority to collect information for a certificate of coverage (see pages 3-5) 9 Contacting Social Security 10 Introduction benefits. It does not cover benefits under the U.S. Medicare program or Supplemental An agreement effective November 1, 1990, Security Income program. between the United States and the Netherlands This booklet covers highlights of the agreement improves social security protection for people and explains how it may help you who work or have worked in both countries. It while you . helps many people who, without the agreement, work and when you apply for benefits would not be eligible for monthly retirement, The agreement may help you, your disability or survivors benefits under the social family and your employer security system of one or both countries. It also • While you work — If your work is covered helps people who would otherwise have to pay by both the U.S. and Dutch social security social security taxes to both countries on the systems, you (and your employer, if you are same earnings. employed) normally would have to pay social The agreement covers social security taxes security taxes to both countries for the same (including the U.S. Medicare portion) and social work. However, the agreement eliminates security retirement, disability and survivors this double coverage so you pay taxes to only one system (see pages 2-5). -
United Kingdom
United Kingdom Convention between the government of the United Kingdom of Great Britain and Northern Ireland and the government of the Kingdom of the Netherlands for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains. Done at The Hague, on 7 November 1980 text published: Trb. 1980, 205 authentic texts: Dutch and English treaty into force: 6 April 1981 (see Trb. 1981, 54) treaty applicable: 6 April 1980 Protocol amending the convention between the government of the Kingdom of the Netherlands and the government of the United Kingdom of Great Britain and Northern Ireland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains signed at The Hague on 7 November 1980 Done at The Hague, on 12 July 1983 text published: Trb. 1983, 128 authentic texts: Dutch and English treaty into force: 20 December 1990 (see Trb. 1991, 13) treaty applicable: 1 January 1991 Protocol further amending the convention between the government of the Kingdom of the Netherlands and the government of the United Kingdom of Great Britain and Northern Ireland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains signed at The Hague on 7 November 1980 as amended by the protocol signed at London on 12 July 1983 Done at The Hague, on 24 August 1989 text published: Trb. 1989, 128 authentic texts: Dutch and English treaty into force: 20 December 1990 (see Trb. -
OECD Economic Surveys Belgium February 2020
OECD Economic Surveys Belgium February 2020 OVERVIEW www.oecd.org/economy/belgium-economic-snapshot/ This Overview is extracted from the Economic Survey of Belgium. The Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. OECD Economic Surveys: Belgium© OECD 2020 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d’exploitation du droit de copie (CFC) at [email protected]. EXECUTIVE SUMMARY 1 Executive Summary Belgium performs well in many economic and well-being dimensions, but some risks are building up The resilience of public finances should be increased Improving labour market outcomes is key Boosting potential growth requires higher productivity growth 2 EXECUTIVE SUMMARY Belgium performs well in many economic increase vulnerabilities and lower the resilience and well-being dimensions, but some risks of the financial system. -
GOING GLOBAL EXPORTING to SPAIN and PORTUGAL a Guide for Clients
GOING GLOBAL EXPORTING TO SPAIN AND PORTUGAL A guide for clients #GlobalAmbition Capital city Madrid Currency ¤ Population 46.7m1 GDP per capita ¤25,0012 GDP growth MADRID 2.5% (2018), 2.1% (2019)3 GDP ¤1,208,2484 Unemployment rate 14.7% (2017)5 Enterprise Ireland client exports (2018) ¤338.6m6 2 WHY EXPORT TO SPAIN? With seven times the landmass of decreased by 1.23% in 2018 compared to the same period in 2017 (Jan-Dec). Exports in 2018 stood at Ireland and 10 times the population, €2,564 million while imports totalled €1,441 million - the scale of Spain is not to be a balance of €1,123 million in Ireland’s favour. Exports underestimated. by Enterprise Ireland clients reached €338.6 million in 2018.14 Neither is the size of the opportunity it can offer, not least because of its role as a valuable bridge to the Sectoral success South American market. Spain has been historically a very important point of Having suffered enormously in the financial trade in Europe. While the market has been perceived crash, the country is showing sustained recovery. as a more difficult Eurozone market to enter for According to an IMF report in late 2018, Spain’s exporters, this is changing. Spain is currently economy has continued to grow strongly, reflecting experiencing a post-crisis renaissance in business. its improved fundamentals. The country’s real GDP This paves the way for new opportunities for Irish and employment growth are set to exceed that exporters, in nascent Irish-Spanish export sectors of the euro area for the fourth year in a row. -
ICS Portugal
Integrated Country Strategy PORTUGAL FOR PUBLIC RELEASE FOR PUBLIC RELEASE Table of Contents I. Chief of Mission Priorities .......................................................................................................... 2 II. Mission Goals and Framework ................................................................................................... 5 III. Mission Objectives ..................................................................................................................... 6 IV. Management Objectives .......................................................................................................... 11 FOR PUBLIC RELEASE Approved: August 6, 2018 1 FOR PUBLIC RELEASE I. Chief of Mission Priorities As we adopt this new Integrated Country Strategy, Portugal is reaping the benefits of a hard- won economic recovery while raising its international profile. The economy has returned to growth, while rating agencies’ elevation of Portuguese debt to investment grade will cut the cost of capital to finance further economic expansion. Effective Portuguese diplomacy has enabled Lisbon to punch above its weight in EU and global affairs. Portugal’s highly professional armed forces are looking forward to gaining new capabilities and to making a greater contribution to European, African, and Asian security through more deployments as Portugal makes the investments necessary to fulfill its Wales pledge to NATO. Coupled with Portugal’s avowed Atlantic orientation, all of these factors paint a picture of opportunity for -
Neth V Czech
Round 16 - NETHERLANDS v CZECH REPUBLIC BEST BET Both Teams to Score: Only one team to score ($1.92) The Dutch have solved their defensive woes from the opening game and are a good chance of holding the Czechs – with one goal in their last two – scoreless. BEST VALUE First Goalscorer: Memphis Depay – Netherlands ($4.75) Looking every bit the excitement machine, Depay has been in the thick of everything for the Netherlands in attack. FULL MATCH PREVIEW UEFA Euro 2020 Round of 16 Puskas Arena, Budapest Mon 28 Jun 2:00 Broadcaster: Optus Sport Head-to-Head: Netherlands ($1.65), Draw ($3.70), Czech Republic ($5.00) Netherlands World Ranking: 16 Czech Republic World Ranking: 40 Group C Results – Netherlands (First – 3 wins) Netherlands 3–2 Ukraine Netherlands 2–0 Austria North Macedonia 0–3 Netherlands Top Scorer: 3 – Georginio Wijnaldum Group D Results – Czech Republic (Third – 1 win, 1 loss, 1 draw) Scotland 0–2 Czech Republic Croatia 1–1 Czech Republic Czech Republic 0–1 England Top Scorer: 3 – Patrik Schick Summary: Doubts were raised about the quality of this Dutch side in the lead-up to the tournament but their perfect record in the group stage seems to indicate they’re a lot stronger than many critics believed. Perhaps it’s worth looking at what they can do on the park rather than what they can’t – and eight goals in three games says they’re a free-scoring machine. It was said they needed to find support for Memphis Depay in attack and it’s been the unlikely figure of captain Georginio Wijnaldum – usually a stay-at-home midfielder – who has struck three goals in the last two games. -
Tax Across Borders – SA and the Netherlands
Tax across borders – SA and The Netherlands By Jan Hein Wille, FISA member and Managing Director, Pelican Trust BV (Port Elizabeth subsidiary called Oak Tree Corporate Service Providers (Pty) Limited) South Africa is one of the emerging economies in the world and a leading role-player in the G-20 and other international forums, such as BRICS, where the shape of the global economy into the future is being deliberated”. H.E. Mr Peter Goosen, South African Ambassador to The Netherlands (SANEC Business Directory 2013). My experience as a tax professional in Amsterdam and Port Elizabeth is indeed that South African companies and individuals are crossing borders. A number of them settle for a short time or longer in The Netherlands, and similarly Dutch entrepreneurs and individuals are coming down to South Africa. In this brief article I will limit myself to the tax issues that apply to South African taxpayers with income from The Netherlands and the possibilities for the Dutch Tax Administration to tax these income components in The Netherlands. Of course it’s impossible to discuss these subjects in detail. The tax implications for individuals with taxable income in and from The Netherlands ruled by the South African Income Tax Act 1962, The Dutch Wet op de inkomstenbelasting 2001 and the Convention between the Kingdom of the Netherlands and the Republic of South Africa for the avoidance of double taxation, Pretoria 10th October 2005 (the tax treaty). According the Dutch income tax law and the bilateral tax treaty, a South African tax resident shall be taxable in The Netherlands if he/she derives income from: a. -
Dividends Tax and Double Taxation Agreements: 'Dutch Most Favoured
Tax Insights from Tax Controversy and Dispute Resolution Dividends Tax and Double Taxation Agreements: ‘Dutch Most Favoured Nation’ Clause January 29, 2019 In brief The double taxation agreement (DTA) between the Netherlands and South Africa (the SA-Netherlands DTA) provides for a minimum rate of 5% on dividends paid by Dutch resident companies to South African residents (and vice versa). However, the dividends article in the SA-Netherlands DTA also includes a ‘most favoured nation’ clause (the Dutch MFN clause). For some time, the position taken by many taxpayers is that this clause, when read with at least two other DTAs, can effectively result in an exemption from Dutch or South African dividends tax. In its judgment issued on January 18, 2019, the Dutch Supreme Court held that the exemption applies in respect of dividends paid by Dutch resident companies to their South African shareholders. In this matter, a Dutch resident company had paid dividends to its South African shareholder. The Supreme Court ruled that as a result of the application of the Dutch MFN clause, the dividend payment is exempt from Dutch dividends tax. With regard to dividends paid by South African companies to Dutch shareholders, the South African Revenue Service (SARS) has held (at least until the decision of the Dutch Supreme Court) the position that the Dutch MFN clause is not applicable and that the lowest rate possible in respect of dividends is 5%. The Dutch Supreme Court decision may have important implications for dividends paid by South African residents to their Dutch shareholders. In detail residence of the company automatic application of a lower paying the dividend) is 5% if the rate of tax on dividends if South Operation of the Dutch MFN recipient of the dividend is the Africa and a ‘third country’ clause beneficial owner of the dividend conclude a DTA that provides and holds at least 10% of the for a lower rate. -
Country Report DENMARK
Country report DENMARK Summary So far the economic recovery in Denmark has only been modest. That said, the growth outlook has improved and the government is making progress with budgetary consolidation and more prudent financial regulation. Besides that, the Danish economy is characterized by very strong fundamentals. Households have a high gross debt position, but in general we don’t consider this as a large threat for the economy. Things to watch: • High level of household debt (mortgages) with for a large part floating interest rates • The high level of unemployment as a result of the flexible labour market • The banking sector needs to find an alternative for funding via covered bonds Author: Michiel Verduijn International Macro Economic Research Economic Research Department Rabobank Nederland Contact details: P.O.Box 17100, 3500 HG Utrecht, The Netherlands +31-(0)30-21-30522 [email protected] May 2011 Rabobank Economic Research Department Page: 1/4 Country report DENMARK Denmark National facts Social and governance indicators rank / total Type of government Constitutional monarchy Human Development Index (rank) 19 / 169 Capital Copenhagen Ease of doing business (rank) 6 / 183 Surface area (thousand sq km) 42.3 Economic freedom index (rank) 8 / 179 Population (millions) 5.5 Corruption perceptions index (rank) 1 / 178 Main languages Danish Press freedom index (rank) 11 / 178 Gini index (income distribution) 24.7 Main religions Lutheran (95%) Population below $1.25 per day (PPP) N/A Other Christian (3%) Muslim (2%) Foreign trade 2009 Head of State (president) Queen Margrethe II Main export partners (%) Main import partners (%) Head of Government (prime-minister) Lars Loekke Rasmussen Germany 18 Germany 21 Monetary unit DKK Sweden 13 Sweden 13 UK 9 Norway 7 Economy 2010 US 6 Netherlands 7 Economic size bn USD % world total Main export products (%) Nominal GDP 304 0.49 Machinery and transport equipment 25 Nominal GDP at PPP 201 0.27 Food, drinks and tobacco 19 Export value of goods and services 151 0.81 Chemicals and related products, n.e.s.