Switzerland and Czech Republic Signed Revised Tax Agreement

Switzerland and Czech Republic Signed Revised Tax Agreement

Recently Switzerland and the Czech Republic have signed a Protocol amending the existing double taxation agreement between two countries.

The amending Protocol contains tax information exchange provision according to the internationally agreed standard and several improvements to the existing treaty’s provisions. The Protocol provides that both countries cannot levy withholding tax on dividends at the rate more than 15%. In case the holding company owns at least 10% in the capital of the distributing company for at least one year, the dividends to be exempted from withholding tax. Dividends payments to the national banks or pension funds of both countries are also exempted from withholding tax.

Before the amended tax treaty comes into force, it should be approved by the parliaments of both countries.

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