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Spain to end double-taxation with Dominican Republic

Source: Bloomberg - Wed 2th Jul 2014
Spain to end double-taxation with Dominican Republic

Spain signed an agreement with the Dominican Republic to avoid double taxation of individuals and companies that are subject to levies in both nations.

The accord, published today in the Spanish government's Official Bulletin, allows income tax paid in one nation to be deductible in the other nation from income tax owed there. The bilateral agreement also covers Spanish taxes on corporations, non-residents and gains outside of personal income.

Spain taxes the worldwide income of residents and the Spanish income of non-residents, or those who live less than 184 days in the country during the tax year.

The government has signed a series of accords with other countries over the years to stop individuals and companies from being forced to pay tax twice on the same income.

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* Spain's Domincan Nationals Given Help to Repatriate

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