Tax Convention Signed by Canada and Italy

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Deputy Prime Minister and Minister of Finance John Manley announced that a new convention between Canada and Italy for the avoidance of double taxation and the prevention of fiscal evasion was signed today in Ottawa.

The convention limits the rate of withholding tax to:

5 per cent for certain non-portfolio dividends and 15 per cent for all other dividend payments;

10 per cent for interest; and

5 per cent for royalties in respect of certain computer software, patents and know-how and 10 per cent for other royalty payments.

An exemption for certain interest and copyright royalties is also provided.

The convention will enter into force upon the exchange of instruments of ratification between Canada and Italy. In the case of withholding tax, the convention will apply as of January 1 in the calendar year in which it enters into force. In the case of other taxes, the convention will apply for taxation years beginning on or after that day.

Once in force, the new convention will replace the existing convention, which was signed on November 17, 1977.

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For further information:

Blair Hammond
Tax Legislation Division
(613) 992-6737

Jennifer Sloan
Director of Communications
(613) 952-4900

Jean-Michel Catta
Public Affairs and Operations Division
(613) 996-8080

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