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10 June 2015

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Spain Approves Protocol to the Tax Treaty with Canada

On 2 June 2015, the Spanish Senate approved the pending protocol to the 1976 income and capital tax treaty with Canada. The protocol, signed 18 November 2014, is the first to amend the treaty. It amends several articles of the treaty including updating the article on information exchange in line with OECD standards and adding an article on assistance in the collection of taxes. Key changes are also made to the articles on dividends and interest:


  • A reduced withholding tax rate of 5% on dividends is added if the beneficial owner is a company directly holding at least 10% of the paying company's capital; otherwise a 15% rate applies (same as current rate);
  • An exemption from withholding tax is added if the beneficial owner is a qualifying pension or retirement plan; and
  • A maximum rate of 5% is added for the taxation of repatriated profits attributed to a permanent establishment


  • The maximum withholding tax rate on interest is reduced from 15% to 10%; and
  • An exemption from withholding tax is added where interest arising in a Contracting State is paid to a beneficial owner resident in the other State as long as the beneficial owner is dealing at arm's length with the payer

Entry into Force and Effect

The protocol will enter into force 3 months after the ratification instruments are exchanged, and will generally apply from that date.

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