Details of the income and capital tax treaty and protocol between Luxembourg and Panama, signed on 7 October 2010, have become available. The treaty was concluded in the Spanish, French and English languages, each text having equal authenticity. The treaty generally follows the OECD Model Convention. The maximum rates of withholding tax are: -   15% on dividends, but a reduced 5% rate applies if paid to a company which holds directly at least 10% of the capital of the company paying the dividends; -   5% on interest, subject to exceptions including, inter alia:       -  ...