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Ottawa, May 24, 2002 Tax Convention Signed by Canada and BelgiumFinance Minister Paul Martin announced that a new convention between Canada and Belgium for the avoidance of double taxation and the prevention of fiscal evasion was signed on May 23, 2002 in Ottawa. The convention limits the rate of withholding tax to 5 per cent for certain non-portfolio dividends, 15 per cent for all other dividend payments and 10 per cent for interest and royalties. An exemption for certain interest, copyright royalties and royalties in respect of certain computer software, patents and know-how is also provided. The convention will enter into force 15 days after the exchange of instruments of ratification between Canada and Belgium. Its provisions will apply, in the case of withholding tax, as of January 1 in the calendar year in which it enters into force and, in the case of other taxes, for taxation years beginning on or after that day. Once in force, the new convention will replace the existing convention, which was signed on May 29, 1975. The full text of the convention is available on the Department of Finance Canada Web site at www.fin.gc.ca/treaties/treatystatus_e.html. ___________________
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