Tax Treaty: Canada and Spain Sign New Tax Protocol
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From Finance Canada website:
- The Canada-Spain Income Tax Convention was signed on November 23, 1976.
- The opening round of negotiations for a revised tax treaty between Canada and Spain was held in April 2007 in Madrid. A second round of negotiations was held in October 2008 in Ottawa.
- Subsequent negotiations have resulted in the new Protocol being announced today.
- The Protocol reduces withholding tax rates applicable on payments of dividends and interest and exempts from withholding tax certain payments of interest, and dividends paid to certain pension plans.
- The Protocol also provides for assistance in the collection of taxes and includes provisions reflecting the Organisation for Economic Co-operation and Development standard for the exchange of tax information.
- Canada and Spain will notify each other of the completion of their respective procedures, which are necessary for the entry into force of the Protocol.
- The Protocol will enter into force after a period of three months following the date of receipt of the later of the notifications, and its provisions will have effect in accordance with Article 16 of the Protocol.
- Canada has 92 tax treaties and 21 Tax Information Exchange Agreements in force, and has signed or is negotiating many more.”
See the Protocol Signed Between Canada and Spain here.
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