Spain and Dominican Republic have signed a double taxation agreement (DTA) with respect to taxes on income and capital gains.
The agreement will avoid double taxation of individuals and companies, which are subject to tax in both nations, reported Bloomberg.
Go deeper with GlobalData
As part of the agreement, income tax paid by individuals in one nation will be deductible in the other nation from income tax owed there.
Additionally, the bilateral agreement will also include Spanish taxes on corporations, non-residents and gains outside of personal income.
The publication reported that Spain taxes the global 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.
Previously, the Spain government has signed a series of agreements with other countries to stop individuals and companies from being forced to pay tax twice on the same income.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
