Switzerland has signed a protocol to the convention for the avoidance of double taxation and fiscal evasion of income tax with Greece, amending an agreement signed originally on 16 June 1983, reports Tax-News.

The revised agreement incorporates the Organisation for Economic Co-operation and Development model agreement for tax information exchange. It will also exempt occupational benefit schemes and public bodies from withholding tax. Additionally, the withholding tax rate on interest payments has been reduced from 10 per cent to 7 per cent and an arbitration clause has also been adopted.

The agreement will enter into force after ratification procedures.