Published On: Mon, Oct 27th, 2014

UAE and Luxembourg sign protocol to amend agreement on avoidance of double taxation and fiscal evasion

 Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF; Majid Ali Omran, Director of MoF’s International Financial Relations Department along with members of the Grand Duchy of Luxembourg’s delegation.

Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF; Majid Ali Omran, Director of MoF’s International Financial Relations Department along with members of the Grand Duchy of Luxembourg’s delegation.

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 United Arab Emirates and Luxembourg.

The signing was attended by from Ministry of Finance by Younis Haji Al Khouri, Under-Secretary, Khalid Ali Al Bustani, Assistant Under-Secretary of International Financial Relations Sector, Majid Ali Omran, Director of International Financial Relations Department, along with members of the Grand Duchy of Luxembourg’s delegation.

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 U.A.E., 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.

The Protocol also offers the opportunity of adding any new government entity to the agreement through official letters received from the U.A.E. Ministry of Foreign Affairs.

On the sidelines of this meeting, the parties also signed a Memorandum of Understanding on cooperation in the field of Islamic banking services.

Source : WAM News Agency for United Arab Emirates

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