1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be
    taxed in that other State.

2. However, such dividends may also be taxed in the Contracting State of which the company paying the dividends is a
    resident and according to the laws of that State, but if the beneficial owner of the dividends is a resident of the other
    Contracting State, the tax so charged shall not exceed 15 per cent of the gross amount of the dividends.

3. Notwithstanding the provisions of paragraph 2, the Contracting State of which the company is a resident shall not levy a
    tax on dividends paid by that company, if the beneficial owner of the dividends is a company the capital of which is wholly
    or partly divided into shares and which is a resident of the other Contracting State and holds directly at least 10 per cent of
    the capital of the company paying the dividends. This provision shall only apply if a company that is a resident of the
    Netherlands is not charged to Netherlands company tax with respect to dividends which it receives from a company that is
    a resident of Barbados.

4. The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of
    paragraphs 2 and 3.

5. The provisions of paragraphs 2 and 3 shall not affect the taxation of the company in respect of the profits out of
    which the dividends are paid.

6. The term 'dividends' as used in this Article means

     a. income from shares, 'jouissance' shares or 'jouissance' rights, mining shares, founders' shares or other rights, not
         being debt-claims, participating in profits, as well as income from other corporate rights which is subjected to the same
         taxation treatment as income from shares by the laws of the State of which the company making the distribution is a
         resident.
     b. income received in connection with the (partial) liquidation of a company or a purchase of own shares by a company.

7. The provisions of paragraphs 1, 2, 3 and 10 shall not apply if the beneficial owner of the dividends, being a resident of a
    Contracting State, carries on business in the other Contracting State of which the company paying the dividends is a
    resident, through a permanent establishment situated therein, or performs in that other State independent personal
    services from a fixed base situated therein, and the holding in respect of which the dividends are paid is effectively
    connected with such permanent establishment or fixed base. In such case the provisions of Article 7 or Article 14, as the
    case may be, shall apply.

8. Where a company which is a resident of a Contracting State derives profits or income from the other Contracting State,
    that other State may not impose any tax on the dividends paid by the company, except insofar as such dividends are paid
    to a resident of that other State or insofar as the holding in respect of which the dividends are paid is effectively connected
    with a permanent establishment or a fixed base situated in that other State, nor subject the company's undistributed
    profits to a tax on the company's undistributed profits, even if the dividends paid or the undistributed profits consist wholly
    or partly of profits or income arising in such other State.

9. Where a company which is a resident of the Netherlands having a permanent establishment in Barbados derives profits
    or income from that permanent establishment, any remittances of such profits or income by the permanent establishment
    to the company which is a resident of the Netherlands shall, notwithstanding any other provisions of the Convention, be
    exempt from tax on branch profits in Barbados where such profits or income are exempt from tax in the Netherlands.

10. Notwithstanding the provisions of paragraphs (1), (2) and (8), dividends paid by a company whose capital is divided into
      shares and which under the laws of a State is a resident of that State, to an individual who is a resident of the other State
      may be taxed in the first-mentioned State in accordance with the laws of that State, if that individual - either alone or with
      his or her spouse - or one of their relations by blood or marriage in the direct line directly or indirectly holds at least 5 per
      cent of the issued capital of a particular class of shares in that company. This provision shall apply only if the individual to
      whom the dividends are paid has been a resident of the first-mentioned State in the course of the last ten years
      preceding the year in which the dividends are paid and provided that, at the time he became a resident of the other State,
      the above-mentioned conditions regarding share ownership in the said company were satisfied.
      In cases where, under the domestic laws of the first-mentioned State, an assessment has been issued to the individual
      to whom the dividends are paid in respect of the alienation of the aforesaid shares deemed to have taken place at the
      time of his emigration from the first-mentioned State, the above shall apply only as long as part of the assessment is still
      outstanding.

The above information is the wording of the article dealing with the withholding tax on dividends of the tax treaty between The Netherlands and Barbados.  Please note that the ultimate withholding tax rate may differ from the treaty rate, for instance as consequence of domestic anti-abuse legislation, provisions of the treaty protocol, etc. Before you use this information we therefore strongly recommend that you consult us to determine the accurate withholding tax rate for your specific situation. If you require our follow up, you can contact us via e-mail or call us at our offices: Ph. + 31 (10) 2010466.