An amending protocol to the income tax treaty of 29 April 1980 between New Zealand and the Philippines, signed on 21 February 2002, entered into force on 2 October 2008. The protocol generally applies from 1 December 2008. The most significant changes are summarized below. The maximum rates of withholding tax are amended as follows: -   15% on dividends; -   10% on interest; and -   15% on royalties The definition of "royalties" is broadened to bring it more in line with the New Zealand domestic law definition. Art. 9 (Associated Enterprises) is amended to incorporate a compensating...