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Representatives from Latvia and Switzerland signed a Protocol to amend their double tax avoidance agreement on November 2.
According to the Swiss Federal Finance Department, the Protocol updates the 2002 treaty to introduce an administrative assistance clause allowing information to be exchanged between the two countries on request, and to add an anti-abuse clause in line with the wording of the OECD's base erosion and profit shifting recommendations in this area.
The Protocol also introduces changes to the treaty's maximum withholding tax rates. Dividends will face a maximum withholding tax of 15 percent, while interest and royalties will face taxes no higher than 10 percent and five percent, respectively.
The Protocol must be ratified by both countries before it can enter into force.
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