The Nordic multilateral income and capital tax convention contains separate articles on dividends, interest and royalties, which are based on the OECD Model Tax Convention, but adapted for a multilateral format. There are, however, some significant differences. This article is the second in a three-part series on the Nordic convention. The article examines the tax treatment of dividends, interest and royalties in the Nordic Convention compared to the approach taken in the OECD Model. The relevant requirements of the EC Treaty and EEA (European Economic Area) Agreement as well as the EC directives on dividends, interest income and royalties are taken into account.