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Unformatted text preview: ax treaty policy. at the 2008 iFa seminar,49 the Cra commented that no plans were in place to modify the derivative benefits provision to apply to capital gains. However, this may be a consideration for future negotiations. There appears to be no good reason for limiting the derivative benefits provision to dividends, interest, and royalties. indeed, the New York City bar’s Committee on Taxation of business Entities recently proposed the expansion of the protocol’s limited derivative benefit provision to confer comprehensive treaty benefits.50 The derivative benefits test in article xxix a(4)(a) requires that shares (other than debt substitute shares) representing more than 90 percent of the aggregate vote and 47 see article 17(1)(g) of the Convention between the united states of america and Mexico with respect to Taxes on income, signed at Washington on september 18, 1992, as amended by the protocol signed on september 8, 1994, and article 22(3) of the Convention between the united states of america and switz...
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