On 29 September 2015, the Canadian Department of Finance announced that the protocol to the 1976 income and capital tax treaty with Spain will enter into force on 12 December 2015. The protocol, signed 18 November 2014, is the first to amend the treaty. Key changes are summarized as follows.

Dividends

• A reduced withholding tax rate of 5% on dividends is added if the beneficial owner is a com…