On 9 September 2015, Switzerland and Albania signed an Amending Protocol to their existing Income and Capital Tax Treaty of 1999.
The amending protocol will come into force after the two countries exchange ratification instruments. The provisions of the amending protocol will have effect from 1 January of the calendar year next following that in which the agreement enters into force.
Amongst other changes put forward by the Amending protocol, a 0% withholding tax is introduced on interest paid to a Pension Scheme. The standard withholding tax rate on interest remains at 5%.
It is understood that the term "pension scheme" as used in the Amending Protocol means any plan, scheme, fund, foundation, trust or other arrangement established in a Contracting State which is regulated by and generally exempt from income taxation in that State and operated principally to administer or provide pension or retirement benefits or to earn income for the benefit of one or more such schemes, and includes the following:
The Amending Protocol also introduces an Article on the Exchange of Information.Back to News
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