The Protocol entered into force on January 6, 2011, following ratification by five parties to the existing Convention.
The existing Convention on Mutual Administrative Assistance in Tax Matters, done at Strasbourg on January 25, 1988, entered into force for the United States on January 4, 1995 (the "existing Convention").
Furthermore, it updates the existing Convention's rules regarding the confidentiality and permitted uses of exchanged tax information, and opens the existing Convention to adherence by countries other than OECD and Council of Europe members.
The proposed Protocol amends the existing Convention in order to bring it into conformity with current international standards on exchange of information, as reflected in the Organization for Economic Co-operation and Development's (OECD) Model Tax Convention on Income and Capital and the current U.S. Model Income Tax Convention.
The Committee would be well advised to heed Mr. Feith's advice that emphasis should be placed upon fixing the existing Geneva convention rather than exacerbating its present shortcomings -- namely its unenforceability -- with a new treaty that will be neither verifiable, nor effective nor enforceable.
The argument went that this would jump start West Side development, create jobs, extend the usefulness of the existing, adjacent convention center, and deliver an Olympics-ready stadium.
Thus, Parties consult each other on this matter as appropriate, enabling them to assert the objectives of the Convention in existing or new international agreements.
Instead of revising the existing document, the Federal Convention decided to draft an entirely new frame of government.
Criminal lawyers are looking at the rights of suspects in police custody to legal advice, the use of closed-circuit cameras, the seizure of criminal assets and police entrapment procedures, to name but a few areas where they think that existing practice may conflict with the convention.
Despite the large amount of space that the new convention center has added, space to show off both existing and new models is at a premium.
Lui said they have plans for an exhibition and convention center and another hotel along with the 9-screen cinema to compliment their existing facilities, but that will, of course, be subject to change based on the trends in the market.
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