New and revised tax treaties with the a number of European countries entitle Japanese pension funds to a full exemption or refund of the foreign dividend withholding tax paid.

In 2018, Japan has concluded many new and revised tax treaties.

The new and revised tax treaties with the following countries entitle Japanese pension funds to a full exemption or refund of the foreign dividend withholding tax paid in those countries (and vice versa): Spain, Iceland, Lithuania, Denmark, Estonia, Austria, Russia, Belgium.

The exemption and refund provisions enter into effect as of 1 January 2019 for all of these treaties, except for Spain and Belgium which at this time do not have a known effective date yet.