UAE and Luxembourg sign protocol to avoid double taxation

The amendments see the addition of new provisions that were determined based on the Ministry of Finance’s suggestions

Abu Dhabi: Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Pierre Gramegna, Luxembourg’s Minister of Finance, today signed a protocol to amend the agreement on the avoidance of double taxation and prevention of fiscal evasion on income and capital between the UAE and Luxembourg.

The Protocol is aimed at amending the agreement between the two countries that was initially signed in November 2005. The amendments see the addition of new provisions that were determined based on the Ministry of Finance’s suggestions in addition to the inclusion of 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.