UAE, Luxembourg Amend Their Double Tax Agreement
The United Arab Emirates (UAE) and Luxembourg on October 26, 2014, signed a protocol to amend their double tax agreement.
The protocol revises provisions in the treaty, which dates back to November 2005, the UAE’s Ministry of Finance said. In particular, the scope of the treaty has been expanded to include a number of banks, public sector entities, and funds that were not included in the list of entities that could benefit from certain concessionary arrangements. The withholding tax rates on dividends, interest, and royalties remain unchanged.
The two countries have agreed that government entities may be added to the agreement through the exchange of official letters.
Officials from the two countries also signed a Memorandum of Understanding (MoU) on cooperation in the field of Islamic banking services. The MoU was signed in recognition of the two countries’ growing role in the field of Islamic banking, which has become part of the global financial system, the Ministry said.
