Details of the first-time income and capital tax treaty and protocol between Ukraine and Iceland, signed on 8 November 2006, have become available. The treaty was concluded in the Ukrainian, Icelandic and English languages, each text having equal authenticity. In the case of divergence, however, the English text prevails. The treaty generally follows the OECD Model Convention. The maximum rates of withholding tax are: -   15% on dividends in general, but 5% if paid to a company which holds directly at least 25% of the capital of the distributing company; -   10% on interest, subject to exceptions; and...