On 31 July 2014, Portugal approved for ratification the pending income tax treaty with Ethiopia. The treaty was signed 25 May 2013, and is the first of its kind between the two countries. Taxes Covered The treaty covers Portuguese personal and corporate income taxes, and local surtax on corporate income tax. It covers Ethiopian  tax on income and profit imposed by the Income Tax Proclamation, and the tax on income from mining, petroleum and agricultural activities imposed by the respective proclamations. Withholding Tax Rates Dividends - 5% if the beneficial owner is a company directly holding at least 25% of the...