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3
Tax System
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Exhibit II Treaty tax rates55

Type of Income
Recipient Company's Country of ResidenceDividends (%)Interest (%)Royalties (%)
Albania0, 5 or 10 6 or 00
Germany15 or 1000
Andorra5 or 150 or 55
Saudi Arabia5 or 0
5 or 08
Argelia15 or 5 5 or 014 or 7
Argentina 5615 or 10 12 or 0 3, 5, 10 or 15
Armenia10 or 055 or 10
Australia151010
Austria151010
Azerbaijan10 or 50 or 85 or 10
Barbados0 or 5 00
Belgium (**)15 or 0 10 or 0 5
Belarus5 or 100 or 55 or 0
Bolivia15 or 10 15 or 0 15 or 0
Bosnia and Herzegovina10 or 5
7 or 0
7
Brazil10 or 15 15, 10 or 015 or 10
Bulgaria15 or 5 00
Cape Verde10 or 00 or 55
Canada5 or 15
0 or 10
10 or 0
Qatar0 or 500
Chile10 or 5 4, 5, 10 or 15 2, 5 or 10
Cyprus575 or 0
00
China10 or 51010
China (Hong Kong)0 or 10
0 or 5
5
Colombia0 or 5 5 or 10
10
South Korea10 or 15
10 or 0
10
Costa Rica12 or 5
5 or 10
10
Croatia15 or 0 0580
Cuba15 or 5 10 or 0 5 or 0
Denmark5915 or 0 106
Ecuador15
0, 5 or 10
10 or 5
Egypt12 or 9
10 or 0
12
El Salvador12 or 0
0 or 10
10
United Arab Emirates5 or 15 00
Slovakia15 or 5 05 or 0
Slovenia15 or 5 5 or 0 5
United States0, 5 or 150 0
Estonia15 or 5 10 or 0 0, 5 or 10
Philippines15 or 10 0 or 15 or 1015 or 20
Finland0, 5 or 1500
France15 or 0
10 or 0
5 or 0
Georgia0 or 10 00
Greece10 or 5 8 or 0 6
Hungary15 or 500
India15 15 or 0 10 or 20
Indonesia15 or 10
10 or 0
10
Iran10 or 5 7.5 or 05
Ireland15 or 0 05, 8 or 10
Iceland15 or 5 0 or 5 5
Israel1010 or 5 7 or 5
Italy1512 or 0
8 or 4
Jamaica10 or 50 or 10 10
Japan10.5 or 0 0 or 100
Kazakhstan5 or 15
1010
Kyrgyzstan18
00 ó 5
Kuwait5 or 0
0 or 105
Latvia10 or 5 0, 5 or 10 0, 5 or 10
Lithuania15 or 5 10 or 0 0, 5 or 10
Luxembourg15 or 10
10 or 0
10
North Macedonia15 or 5
5 or 0
5
Malaysia5 or 0
10 or 0
7 or 5
Malta5 or 0 00
Morocco15 or 10 1010 or 5
Mexico10 or 0
4, 9 or 10
0 or 10
Moldova0, 5 or 10
0 or 5
8
Nigeria10 or 7.5 0 or 7.53.75 or 7.5
Norway15 or 10
10 or 0
5
New Zealand150 or 1010
The Netherlands15, 10 or 5 106
Pakistan5, 7.5 or 10
107.5
Panama0, 5 or 10
5 or 0
5
Poland15 or 5 010 or 0
Portugal15 or 10 155
United Kingdom15, 10 or 0 00
Czech Republic15 ó 505 ó 0
Dominican Republic10 or 0 10 or 010
Romania0 or 5 0 or 33
Russia15 or 10 or 5
5 or 0
5
Senegal1010 or 010
Serbia10 or 5
10 or 0
10 or 5
Singapore0 or 5
5 or 0
5
South Africa15 or 5
5 or 0
5
Sweden15 or 10 0 or 15 10
Switzerland6015 or 0 0 0 or 5
Oman10 or 05 or 08
Thailand100 or 15 or 10 5, 8 or 15
Tajikistan1800 or 5
Trinidad and Tobago0, 5 or 10
8 or 0
5
Tunisia15 or 510 or 5 10
Turkmenistan1800 or 5
Turkey15 or 5 15 or 10 10
Ukraine1800 ó 5
Uruguay5 or 0
10 or 0
5 or 10
Uzbekistan0, 5 or 10
5 or 0
5
Venezuela10 ó 0
 10, 4.95 or 5
5
Vietnam15, 10, 7 or 5
1010 or 5

55 The tax rates established in each treaty are indicated. The applicability of one or another depends, in each case, on the specific requirements established in the relevant treaty. Also to be considered are the provisions of the Multilateral Instrument, where it is applicable. Further information is available at: Normativa%20y%20doctrina/Normativa/CDI/Paginas/CDI.aspx

56 The previous tax treaty between Spain and Argentina, which came into force on July 28, 1994, was denounced unilaterally by Argentina and ceased to have effect on January 1, 2013. However, the new tax treaty, signed on March 11, 2013, stipulates that it is effective as from January 1, 2013 (meaning that, for practical purposes, there is no period not covered by a treaty).

57 Published on May 26, 2014, its date of entry into force being May 28, 2014.

58The agreement indicates that the rate applicable to Interest and Royalties is 8%. However, the protocol indicates that, after a period of 5 years from the entry into force of the Convention, the rates relating to interest and royalties (Articles 11 and 12 of the Convention) will be 0%. Since it entered into force on 20 April 2006, the deadline has already elapsed, so 0% applies.

59Denmark decided to terminate the Treaty with Spain as of January 1, 2009.

60 The new Protocol amending the Spain-Switzerland tax treaty has been signed and establishes the following rates:

    • Dividends: 15 or 0.
    • Interest: 0.
    • Royalties: 0.