The governments of Japan and the United Kingdom have reached agreement in principle to amend the existing bi-lateral Double Taxation Avoidance Agreement.
The proposed new treaty, which amends the original agreement signed in 1969, takes the OECD model as a basis, and comprehensively revises the current convention reflecting the importance of the economic relationship between the two countries. It aims to promote investment between them as well as to prevent tax avoidance.
The proposals would substantially reduce the withholding taxes imposed on dividends, interest and royalties paid between the two countries. In particular, it would eliminate the withholding taxes on royalties, certain inter-company dividends, and certain interest payments.
After the governments of the two countries have completed the necessary procedures, the new treaty will be signed and become ready for submission to the Parliaments. The new treaty will enter into force after it has been approved by the Parliaments. .
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