Various tax treaties


Double Taxation Treaties (DTTs) between the following markets were signed and came into force with the rates as indicated in the following table:

MarketsDate signedDate in forceMax DTT rate (%)
Italy – Taiwana1 June 201531 December 201510%10%
Andorra – Luxembourg2 June 20147 March 20160%15%
Portugal – Senegal13 June 201420 March 201610%10%
Bosnia and Herzegovina – Poland 4 June 2014 7 March 201610%15%
Philippines – Turkey18 March 200911 January 201610%15%

 a. The treaty is effective as of 1 January 2016. Additionally, it was confirmed by our local tax representative that Taiwan residents are still not eligible for tax exemption on Italian bonds subject to DL239/1996.

Unless otherwise indicated, these treaties generally apply from 1 January 2017.

Our Market DTT information (Italy, Luxembourg, Poland, Portugal and Turkey) will be updated in due course to reflect the new treaties.

This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.