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Double taxation agreement with Greece on airline profits



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TREASURER I releaseJ v> 47.

EMBARGO

STATEMENT BY THE TREASURER, THE RT. HON. PHILLIP LYNCH, M.P.

DOUBLE TAXATION AGREEMENT WITH GREECE ON AIRLINE PROFITS

An agreement with Greece for the avoidance of double taxation

of profits from international airline operations was signed in

Canberra today by the Treasurer, the Rt. Hon. Phillip Lynch, M.P.

and the Greek Under Secretary of State for Foreign Affairs,

the Honourable Constantine -Tricoupis.

Speaking after the signature ceremony Mr Lynch said that the

agreement is subject to the completion of constitutional processes

in both countries. -

In Australia these processes will involve submitting the

necessary legislation for approval by the Australian Parliament.

The agreement deals only with the taxation of international

airline profits and follows, in all material respects, Australia's

existing airline profits agreements with France and Italy and

provisions dealing with the taxation of airline profits in

Australia's modern comprehensive double taxation agreements.

The agreement will provide for each country to exempt from its

tax income derived by residents of the other country from the

operation of aircraft in international traffic.

Under the agreement Qantas will be exempt from Greek income taxes

on its profits from international traffic while the Greek airline,

Olympic, will be correspondingly exempt from Australian tax.

CANBERRA

5 May 1977