What is the dividend withholding rate between Brazil and Japan?

Under the Brazil-Japan tax treaty, the withholding rate on dividends is 12.5% for portfolio investors (general rate). A reduced rate of 12.5% applies when the beneficial owner is a company holding a qualifying ownership stake (typically 10% or more of voting stock). Note that the reduced rate requires the recipient to file the appropriate treaty benefit claim form before payment. This 12.5% rate compares to a median of 15% across Brazil's 25 active treaty partners, and 15% across Japan's 47 active partners.