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Switzerland, Zambia Sign DTA

by Ulrika Lomas,, Brussels

30 August 2017

Switzerland and Zambia have signed a new double taxation agreement which sets maximum withholding tax rates for dividends and interest.

The agreement was signed in Lusaka on August 29, 2017. It replaces a 1954 agreement between Switzerland and the UK, which had been applicable to Zambia.

Under the new DTA, the maximum withholding tax rate for dividends taxed at source will be set at 15 percent. A reduced rate of five percent will apply in certain cases.

The general withholding tax rate for interest is capped at 10 percent, with a reduced five percent rate for interest on tax payments.

The agreement also contains an anti-abuse clause, in accordance with the recommendations made in the OECD's BEPS project.

It likewise contains an administrative assistance clause which is in line with the current international standard for the exchange of information upon request.

TAGS: tax | double tax agreement (DTA) | interest | agreements | tax rates | withholding tax | Switzerland | Zambia | dividends | BEPS

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