The Income Tax Treaty (ITT) between Colombia and Czech Republic has accepted Colombian Congress and it was signed on March 22, 2012. The treaty was concluded in the Czech, English and Spanish languages and needs to be declared constitutional by the Colombian Constitutional Court before entering into force. The 15% withholding rate is applied on dividends but if the beneficial owner is a company holding directly at least 25% of the capital of the company paying the dividends then it has reduced to 5%. Also maximum 10% withholding rate is applied on royalties. This treaty also includes the relevant deviations from OECD model.
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