What does 1TC mean in CONFERENCES
The 1TC abbreviates the First Treasury Convention which is an international tax treaty that was developed by the Organization for Economic Cooperation and Development (OECD) in 2011. It aims to promote global cooperation in taxation and provide a structured approach to tax disputes between countries. The primary purpose of this convention is to prevent double taxation and offer a clear framework for resolving cross-border tax disputes in a timely manner.
1TC meaning in Conferences in Community
1TC mostly used in an acronym Conferences in Category Community that means 1(First) Treasury Convention
Shorthand: 1TC,
Full Form: 1(First) Treasury Convention
For more information of "1(First) Treasury Convention", see the section below.
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Essential Questions and Answers on 1(First) Treasury Convention in "COMMUNITY»CONF"
What is the 1st Treasury Convention?
The 1st Treasury Convention is a 1991 agreement between the United States and Mexico that created a framework for cooperation related to fiscal policy and taxation. It also committed both countries to promote good governance and economic efficiency in their respective fiscal systems.
What are some of the goals of the 1st Treasury Convention?
The primary goals outlined in the 1st Treasury Convention are to reduce double taxation, encourage investment between both countries, ensure that tax rules cannot be used as a restriction on trade or commerce, and assist with currency issues between both countries.
How does the 1st Treasury Convention work?
The 1st Treasury Convention works by providing an international framework for cooperation between the United States and Mexico regarding fiscal policy and taxation matters. This includes establishing methods to prevent double taxation, creating tax rules that do not act as restrictions on trade or commerce, and providing assistance with currency matters.
Does the 1st Treasury Convention affect taxes in Mexico?
Yes, the 1st Treasury convention affects taxes in Mexico by reducing double taxation, encouraging investment between both countries, ensuring that tax rules cannot be used as a restriction on trade or commerce, and assisting with currency issues between both countries.
Are there other treaties similar to the 1st Treasury Convention?
Yes, there are many other international treaties that create an agreement of coordination between two sovereign nations such as customs union treaties, bilateral investment protection treaties (BIPAs), free-trade agreements (FTAs), etc.
Final Words:
The First Treasury Convention (1TC) is an important international tax treaty designed to encourage global cooperation on taxation matters and reduce double taxation issues for multinational companies. Through its implementation, it helps create a level playing field between governments while providing an effective tool for resolving any potential cross-border tax disputes quickly and efficiently.