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Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.


Term of the day

mutual agreement procedure

A mutual agreement procedure (Map) is a feature in many double taxation agreements. A Map allows a taxpayer which considers that it is being taxed in a way that is not in accordance with the terms of the treaty, as a result of the actions of one (or both) of the relevant tax authorities, to present its case to the tax authority in the country in which it is resident.

The tax authority has the power to consider the issue, and give relief to resolve the matter, without a requirement to contact the...