Treaty on Global Currency Transactions Tax

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Treaty on Global Currency Transactions Tax

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PART II Currency [Exchange] Transaction Tax

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TITLE VII MEASURES TO ENSURE THE CORRECT APPLICATION OF THE TAX AND THE PREVENTION OF FRAUD

TITLE VII MEASURES TO ENSURE THE CORRECT APPLICATION OF THE TAX AND THE PREVENTION OF FRAUD

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ARTICLE 15

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§1 Without prejudice to the provisions to be adopted pursuant to article 13 and this article, Contracting States introduce all measures and impose all obligations which they deem necessary for the correct levying and collection of the tax and for the prevention of the tax avoidance and fraud, including the imposition of administrative fines and penal prosecution.

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§2 Contracting States shall fully co-operate with other Contracting States, the CTTO and other institutions or persons for the proper application and enforcement of the tax.

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The Contracting States agree to consider as an integral part of this Treaty, the rules contained in the Treaty on Administrative Co-operation in Tax Matters, concluded in Strassbourg on 25 January 1988 so as to apply these rules mutatis mutandis limited to the CTT.

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The Contracting States agree to co-operate with the bodies established by the Democratic Assembly upon proposal of the Council for inspection, evaluation and investigation of the application of the CTT

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§3 The CTTO can enter into any arrangements with institutions and other persons for the co-operation on compliance, control and enforcement of the tax.

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§4 Every person liable for payment of the tax shall submit a return within an interval to be determined by each Contracting State. Contracting States may fix different periods provided that these do not exceed a year. The return must set out all the information needed to calculate the tax that has become chargeable and in so far as it seems necessary for the establishment of the tax basis, the total amount of the transactions.

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§5 Every person liable for payment shall pay the tax when submitting the return. The Contracting States may, however, fix a different date for the payment of the amount or may demand an interim payment.

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§6 Contracting States shall take the necessary measures to ensure that those persons who are considered to be liable to pay the tax instead of a taxable person established in another country or who are jointly and severally liable for the payment, shall comply with the above obligations relating to declaration and payment.

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§7 Contracting States may release taxable persons:

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• from certain obligations,

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• from the payment of the tax due where the amount is insignificant;

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Contracting States shall grant an exemption from tax to taxable persons whose annual taxable amount is at the maximum equal to the equivalent in national currency of 10.000 euro at the conversion rate of the day on which this convention enters into force.

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