As anticipated in our Flash Fiscal dated July 18, 2019 the new protocol amending the Tax Treaty between the United States of America and the Kingdom of Spain for the avoidance of double taxation and the prevention of fiscal evasion entered in its final phase for its definitive approval.

Finally, on August 27, 2019, the US informed Spain that all the necessary steps for the final approval of the new protocol have been completed.

Consequently with the above, once three months have elapsed, the new protocol will enter into force on November 27, 2019.

As previously informed, the new protocol establishes significant tax reductions in the taxation of dividends, interests, royalties and capital gains.

We will remain at your disposal in order to advice you on the tax advantages of this new protocol.

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