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Tax System

Exhibit II - Treaty tax rates52

Type of Income
Recipient Company's Country of ResidenceDividends (%)Interest (%)Royalties (%)
Albania0, 5 or 10 6 or 00
Algeria15 or 5 5 or 014 or 7
Andorra5 or 150 or 55
Argentina 5315 or 10 12 or 0 3, 5, 10 or 15
Armenia10 or 055 or 10
Australia151010
Austria15 or 10 55
Azerbaijan10 or 50 or 85 or 10
Barbados0 or 5 00
Belgium (**)15 or 0 10 or 0 5
Belarus1805 or 0
Bolivia15 or 10 15 or 0 15 or 0
Bosnia Herzegovina10 or 5
7 or 0
7
Brazil10 or 15 15, 10 or 015 or 10
Bulgaria15 or 5 00
Canada5 or 15
0 or 10
10 or 0
Cape Verde10 or 00 or 55
Czech Republic15 or 5
05 or 0
Chile10 or 5 4, 5, 10 or 15 2, 5 or 10
China101010 or 60
China (Hong Kong)0 or 10
0 or 5
5
Colombia0 or 5 5 or 10
10
Costa Rica12 or 5
5 or 10
10
Croatia15 or 0 0540
Cuba15 or 5 10 or 0 5 or 0
Cyprus555 or 0
00
Denmark5615 or 0 106
Dominican Republic10 or 0 10 or 010
Ecuador15
0, 5 or 10
10 or 5
Egypt12 or 9
10 or 0
12
El Salvador12 or 0
0 or 10
10
Estonia15 or 5 10 or 0 0, 5 or 10
Finland0, 5 or 1500
France15 or 0
10 or 0
5 or 0
Georgia0 or 10 00
Germany15 or 1000
Greece10 or 5 8 or 0 6
Hungary15 or 500
Iceland15 or 5 0 or 5 5
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
Israel1010 or 5 7 or 5
Italy1512 or 0
8 or 4
Kazakhstan5 or 15
1010
Kuwait5 or 0
05
Jamaica10 or 50 or 10 10
Japan10.5 or 0 0 or 100
Korea10 or 15
10 or 0
10
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
Northern Macedonia15 or 5
5 or 0
5
Malaysia5 or 0
10 or 0
7 or 5
Malta5 or 0 00
Mexico10 or 0
4, 9 or 10
0 or 10
Moldavia0, 5 or 10
0 or 5
8
Morocco15 or 10 1010 or 5
Netherlands15, 10 or 5 106
New Zealand150 or 1010
Nigeria10 or 7.5 0 or 7.53.75 or 7.5
Norway15 or 10
10 or 0
5
Pakistan5, 7.5 or 10
107.5
Panama0, 5 or 10
5 or 0
5
Philippines15 or 10 0 or 15 or 1015 or 20
Poland15 or 5 010 or 0
Portugal15 or 10 155
Qatar0 or 500
Romania0 or 5 0 or 33
Russia15 or 10 or 5
5 or 0
5
Saudi Arabia5 or 0
5 or 08
Senegal1010 or 010
Serbia10 or 5
10 or 0
10 or 5
Singapore0 or 5
5 or 0
5
Slovakia15 or 5 05 or 0
Slovenia15 or 5 5 or 0 5
South Africa15 or 5
5 or 0
5
Sultanate of Oman10 or 05 or 08
Sweden15 or 10 0 or 15 10
Switzerland5715 or 0 0 0 or 5
Thailand100 or 15 or 10 5, 8 or 15
Trinidad and Tobago0, 5 or 10
8 or 0
5
Tunisia15 or 510 or 5 10
Turkey15 or 5 15 or 10 10
United Arab Emirates5 or 15 00
United Kingdom15, 10 or 0 00
United States0, 5 or 150 or 10
0
Uruguay5 or 0
10 or 0
5 or 10
Uzbekistan0, 5 or 10
5 or 0
5
Venezuela10 or 0
0, 10 or 4.95
5
Vietnam15, 10, 7 or 5
1010 or 5
Former Soviet Union1805 or 0

52 The tax rates established in each tax treaty are indicated. The applicability of one or another depends, in each case, on the specific requirements established in each tax treaty. Further information is available at: http://www.minhafp.gob.es/es-ES/Normativa%20y%20doctrina/Normativa/CDI/Paginas/CDI.aspx

53 The previous tax treaty between Spain and Argentina which took effect 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, establishes its effects from January 1, 2013 (meaning that for practical purposes there is no period not covered by a treaty).

54 The tax treaty states that the rate applicable to interest and royalties is 8%. However, the Protocol specifies that after a period of 5 years since the entry into force of the tax treaty, the rates relating to interest and royalties (articles 11 and 12 of the tax treaty) will be 0%. As it took effect on April 20, 2006, the period has already elapsed, and the 0% rate will apply.

55 Published on May 26, 2014, and entered into force on May 28, 2014.

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

57 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.