The first-time income tax treaty between Mexico and Iceland was signed on 11 March 2008 and entered into force on 10 December 2008. The treaty generally applies from 1 January 2009. The treaty was concluded in the Spanish, Icelandic and English languages, each text having equal authenticity; in the case of any divergence, the English text prevails. The treaty generally follows the OECD Model Convention.
The maximum rates of withholding tax are: