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Washington, DC-- The Treasury Department announced today that Deputy Secretary Robert M. Kimmitt and Icelandic Finance Minister Árni M. Mathiesen signed a new income tax treaty between the United States and Iceland.
In a ceremony held at the Treasury Department, the two officials signed a new tax treaty that brings the existing agreement into closer conformity with current U.S. tax treaty policy. For example, the new treaty contains a comprehensive limitation on benefits provision that is consistent with many recently concluded U.S. tax treaties.
The agreement also maintains the existing treaty's withholding tax exemption on cross-border interest payments and as well as the existing treaty's reductions in withholding taxes on cross-border dividend payments.
The final version of the treaty is attached.
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