UAE, Luxembourg sign agreement

27 Oct 2014

(MENAFN) The UAE’s Ministry of State for Financial Affairs announced it has signed a protocol with Luxembourg’s Ministry of Finance to amend the agreement on the avoidance of double taxation and prevention of fiscal evasion on income and capital between the two countries, Gulf News reported.

The Protocol is aimed at amending the agreement between the two countries which was signed in November 2005 by adding new provisions that were determined based on the Ministry of Finance’s suggestions as well as including entities and funds that were not included in the original agreement.

These entities include the Abu Dhabi Investment Authority (ADIA), the Central Bank of the UAE, Abu Dhabi Investment Council (ADIC), Abu Dhabi National Energy Company PJSC (TAQA), International Petroleum Investment Company (IPIC), Mubadala Development Company and the Investment Corporation of Dubai, which are now added to the new agreement to avoid double taxation in hopes that this agreement would enhance bilateral relations between the two countries.

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