Evidence of meeting #31 for Finance in the 40th Parliament, 3rd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was debt.
A recording is available from Parliament.
5:40 p.m.
Senior Chief, Tax Treaties, Tax Policy Branch, Department of Finance
Yes, this is the first time we are signing an agreement with these three countries.
5:40 p.m.
Liberal
Massimo Pacetti Liberal Saint-Léonard—Saint-Michel, QC
So this is not an agreement that is being renewed.
5:40 p.m.
Liberal
Massimo Pacetti Liberal Saint-Léonard—Saint-Michel, QC
Second, we are going to pass the bill and administer the act. Do the other countries have to do the same thing before the legislation can be enforced?
5:40 p.m.
Senior Chief, Tax Treaties, Tax Policy Branch, Department of Finance
Yes, each of the three countries also has to ratify the agreement in accordance with its legislation. The latest reports indicate that Greece has completed the process and is ready to ratify the treaty. As for Colombia, I am told that the Senate approved the treaty at the end of September. It is now in the hands of that country's House of Representatives, which will debate the matter. In Turkey's case, it has gone through the foreign affairs committee in the Turkish Parliament and will be studied by the general assembly. Chances are good that these two countries will be able to ratify the agreement by the end of the year.
5:40 p.m.
Liberal
Massimo Pacetti Liberal Saint-Léonard—Saint-Michel, QC
If it is not ratified, we cannot enforce it, is that correct?
5:40 p.m.
Senior Chief, Tax Treaties, Tax Policy Branch, Department of Finance
That is correct. Those two countries must ratify the treaty in order for it to take effect.
5:40 p.m.
Liberal
Massimo Pacetti Liberal Saint-Léonard—Saint-Michel, QC
Fine.
To date, we have never signed an agreement with Greece. This is the first time we are signing a tax agreement with them.
5:40 p.m.
Senior Chief, Tax Treaties, Tax Policy Branch, Department of Finance
This is the first time we have had an agreement with Greece, yes.
It is a bit of an anomaly because Greece is a part of the OECD. Let's just say the negotiations took a while.
5:40 p.m.
Liberal
5:40 p.m.
Conservative
The Chair Conservative James Rajotte
Thank you.
I will now suggest we move to clause-by-clause consideration of Bill S-3.
Pursuant to Standing Order 75(1), consideration of clause 1 is postponed.
Mr. Wallace.
5:40 p.m.
Conservative
Mike Wallace Conservative Burlington, ON
Can I move that clauses 2, 3, and 4 be moved all at the same time?
5:40 p.m.
Conservative
The Chair Conservative James Rajotte
Okay.
(Clauses 2 to 4 inclusive agreed to)
(Schedules 1 to 3 inclusive agreed to)
5:40 p.m.
Some hon. members
Agreed.
5:40 p.m.
Some hon. members
Agreed.
5:40 p.m.
Some hon. members
Agreed.
5:40 p.m.
Conservative
5:40 p.m.
Some hon. members
Agreed.
5:40 p.m.
Conservative
5:40 p.m.
Conservative
The Chair Conservative James Rajotte
No, we will discuss your motion. I believe Mr. Brison's motion is on Wednesday.
5:40 p.m.
Conservative
Mike Wallace Conservative Burlington, ON
Yes, but this is a notice...handing this out. It's a notice of motion for Wednesday, right?