The Japan and Austria signed the Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance.
The Double Taxation Agreement (DTA) was signed in Vienna between H.E.Mr. Kiyoshi Koinuma, Japanese Ambassador to the Republic of Austria, and H.E.Mr. Hans Jörg Schelling, Minister of Finance of the Republic of Austria. The new Convention wholly amends the contents of the current Convention, which entered into force in 1963.
The new DTA reduces taxes withheld at source on investment income (dividends, interest and royalties) and introduces the arbitration proceeding to the mutual agreement procedure to ensure the settlement of disputes with respect to the convention. The new convention also expands the scope of cases and taxes subject to the exchange of information concerning tax. Also, the mutual assistance in the collection of tax claims between the two countries is introduced.
After the completion of the necessary domestic procedures in each of the two countries, diplomatic notes indicating such completion will be exchanged. The new convention will enter into force on the thirtieth day after the date of receipt of the latter notification.
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