The competent authorities of the United States and the United Kingdom have entered into a Competent Authority Arrangement under paragraph 3 of Article 26 (Mutual Agreement Procedure) agreeing that…

Official textirs.gov

The following is a copy of the Competent Authority Arrangement entered into by the competent authorities of the United States and the United Kingdom under paragraph 3 of Article 26 (Mutual Agreement Procedure) in which it is agreed that references to the term “North American Free Trade Agreement” in paragraph 7 of Article 23 (Limitation on Benefits) of the Convention between the United States of America and the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains signed at London on July 24, 2001, as amended by the Protocol signed on July 19, 2002, shall be understood as references to the term “United States-Mexico-Canada Agreement” (“USMCA”) upon entry into force of the USMCA.

The text of the Competent Authority Arrangement is as follows:

COMPETENT AUTHORITY ARRANGEMENT

The competent authorities of the United Kingdom and the United States enter into this arrangement (the “Arrangement”) regarding the interpretation of the term “North American Free Trade Agreement” referred to in subparagraph d) of paragraph 7 of Article 23 (Limitation on Benefits) of the Convention between the United States of America and the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains signed at London on July 24, 2001, as amended by the Protocol signed on July 19, 2002 (the “Treaty”).

Pursuant to paragraph 1 of the Protocol Replacing the North American Free Trade Agreement with the Agreement between the United States of America, the United Mexican States, and Canada, done at Buenos Aires on November 30, 2018 (the “Agreement”), as amended by the Protocol of Amendment to that Agreement, done at Mexico City on December 10, 2019 (the “Protocol of Amendment” and collectively with the Agreement, the “USMCA”), the USMCA will supersede the North American Free Trade Agreement (the “NAFTA”). The USMCA modernizes NAFTA, is entered into by the same parties, and governs the standards for trade and investment among the parties going forward.

Pursuant to paragraph 3 of Article 26 (Mutual Agreement Procedure) of the Treaty, the competent authorities of the United Kingdom and the United States agree that the references to the NAFTA in subparagraph d) of paragraph 7 of Article 23 of the Treaty shall be understood as references to the USMCA upon entry into force of the USMCA.

Agreed to by the undersigned competent authorities:

/s/ Nikole C. Flax___________ /s/ Daniel Berry____________

U.S. Competent Authority U.K. Competent Authority

Nikole C. Flax Daniel Berry

Internal Revenue Service HM Revenue and Customs

Date: July 26, 2021 Date: July 21, 2021

Source: view the official text

Nearby sections (25 sections)

Full table of contents →