Agreement reached on revisions to US income tax treaties with Japan and Spain; additional update on other US income tax treaties

June 2012


On Friday, June 15, the US Department of the Treasury announced that the United States has reached agreements in principle with the governments of Japan and Spain regarding proposed protocols to the current United States-Japan and United States-Spain income tax treaties. The revisions to the current income tax treaty between the United States and Japan include a reduction of tax withheld at source with respect to interest income and provisions to strengthen mutual agreement procedures and exchange of information between the United States and Japan. The proposed protocol with Spain would modernize the existing treaty. This alert also provides an update on the status of other US bilateral income tax treaty negotiations.

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