HMRC has announced that a first-time comprehensive double taxation convention between the UK and Algeria was signed in Algiers on 18 February 2015 by Philip Hammond MP, secretary of state for foreign and Commonwealth affairs, and Ramtane Lamamra, minister of foreign affairs of Algeria.
The convention generally follows the OECD model double taxation convention. Important features include maximum rates of withholding tax for interest and royalty payments of 7% and 10% respectively. In addition, rates of withholding taxes for dividends (following the OECD model) are 5% for direct investors and 15% for portfolio investors. The convention also includes the latest OECD exchange of information article. The text of the new convention is available on the GOV.UK website, and will be published by the Stationery Office as soon as it is presented to Parliament for approval.
HMRC has announced that a first-time comprehensive double taxation convention between the UK and Algeria was signed in Algiers on 18 February 2015 by Philip Hammond MP, secretary of state for foreign and Commonwealth affairs, and Ramtane Lamamra, minister of foreign affairs of Algeria.
The convention generally follows the OECD model double taxation convention. Important features include maximum rates of withholding tax for interest and royalty payments of 7% and 10% respectively. In addition, rates of withholding taxes for dividends (following the OECD model) are 5% for direct investors and 15% for portfolio investors. The convention also includes the latest OECD exchange of information article. The text of the new convention is available on the GOV.UK website, and will be published by the Stationery Office as soon as it is presented to Parliament for approval.
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