{"id":1079,"date":"2013-01-21T16:00:56","date_gmt":"2013-01-21T16:00:56","guid":{"rendered":"http:\/\/www.doingbusinessacrossborders.com\/?p=1079"},"modified":"2013-01-21T16:00:56","modified_gmt":"2013-01-21T16:00:56","slug":"united-states-spain-sign-protocol-bilateral-income-tax-treaty","status":"publish","type":"post","link":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/united-states-spain-sign-protocol-bilateral-income-tax-treaty\/","title":{"rendered":"United States and Spain sign Protocol to Bilateral Income Tax Treaty"},"content":{"rendered":"<p>The US Department of Treasury announced that the US and Spain signed a <a href=\"http:\/\/www.treasury.gov\/resource-center\/tax-policy\/treaties\/Documents\/Treaty-Protocol-Spain-1-14-2013.pdf\">Protocol<\/a> to their bilateral income tax treaty (the Treaty).\u00a0 The Protocol includes twenty-six pages of addenda and revisions to the Treaty.\u00a0 The Department of Treasury <a href=\"http:\/\/www.treasury.gov\/press-center\/press-releases\/Pages\/tg1820.aspx\">highlighted<\/a> some of the Protocol\u2019s changes to the Treaty:<\/p>\n<p>1)\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0the Protocol provides for \u201cexclusive residence-country\u201d taxation of income from interest, royalties, certain dividends and capital gains;<\/p>\n<p>2)\u00a0\u00a0\u00a0\u00a0\u00a0 the Protocol requires mandatory binding arbitration if the revenue authorities of Spain and the US are unable to resolve disputes in a reasonable period of time;<\/p>\n<p>3)\u00a0\u00a0\u00a0\u00a0\u00a0 the Protocol includes a limitation on benefits provision to ensure only residents of Spain and the US benefit from the Treaty;<\/p>\n<p>4)\u00a0\u00a0\u00a0\u00a0\u00a0 the Protocol mandates a full exchange of tax information between the US and Spain; and<\/p>\n<p>5)\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0the Protocol brings the Treaty into general conformity with more recent bilateral tax treaties.<\/p>\n<p>Many of these changes are to close perceived loopholes in the Treaty and ensure that taxpayers are reporting the same information to both the US and Spain. Individuals or businesses that are covered by the Treaty should contact their tax professionals and ensure that the Protocol does not materially alter their tax positions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Department of Treasury announced that the US and Spain signed a Protocol to their bilateral income tax treaty (the Treaty).\u00a0 The Protocol includes twenty-six pages of addenda and revisions to the Treaty.\u00a0 The Department of Treasury highlighted some of the Protocol\u2019s changes to the Treaty: 1)\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0the Protocol provides for \u201cexclusive residence-country\u201d taxation&hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,12],"tags":[],"class_list":["post-1079","post","type-post","status-publish","format-standard","hentry","category-international-business-community","category-irs-news"],"_links":{"self":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts\/1079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/comments?post=1079"}],"version-history":[{"count":0,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts\/1079\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/media?parent=1079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/categories?post=1079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/tags?post=1079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}