OTTAWA (Jul. 22)
Israel and Canada signed today an agreement to avoid double taxation. This agreement will allow investors in one country to establish businesses in another country to repatriate their earnings without having to pay taxes on such earnings a second time.
Dr. Theodor Meron, the outgoing Israel Ambassador to Canada, said that “the agreement will encourage Canadian businessmen to invest in Israel, widening the economic scope of business between Israel and Canada and increasing opportunities for trade and cooperation between the two countries.”
With this agreement, Canada joins the United States, France, West Germany, Britain, Sweden and several other countries which, in concluding similar agreements with Israel, have created a unique investment climate, Meron said. The agreement on behalf of Canada was signed by John Turner, Minister of Finance, and by Dr. Meron for Israel.