Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
EACC8750
Jim Wilson
(613) 957-2063
19(1)
HBW 6591-I-4
HBW 4125-I-7
February 15, 1990
Dear 19(1)
Re: Special Section for 24(1)
We are writing in follow-up to our telephone conversation on February 13, 1990, in which you requested confirmation as to the status of the above-noted institution under Article XI of the Canada - Italy Income Tax Convention.
Paragraph 3(c) of the Convention states that "notwithstanding the provisions of paragraph 2, interest arising in one of the Contracting States shall not be taxable in that State if the interest is paid in respect of a loan made, guaranteed or insured, or a credit extended, guaranteed or insured by any institution specified and agreed in letters exchanged between competent authorities of the Contracting State".
A competent authority has been reached in respect of 24(1)
The agreement has effect for interest paid after August 26, 1988.
We trust you will find this to your satisfaction.
Yours sincerely,
C. Savage
A/Director
Provincial and International
Relations Division
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© Her Majesty the Queen in Right of Canada, 1990
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© Sa Majesté la Reine du Chef du Canada, 1990
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