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Luxembourg Cabinet Approves Draft Bill to Ratify Second Protocol to 1993 DTA With Russia

Nov. 27, 2020, 5:00 AM

The Luxembourgish Council of Ministers Nov. 20 approved a draft bill to ratify the second protocol to the 1993 DTA with Russia, signed Nov. 6. The protocol includes measures to: 1) increase the withholding tax rate to 15 percent on dividend and interest income; 2) apply a reduced 5 percent rate to dividend and interest income for specified institutional investments, including pension funds, insurance companies, and public companies with specific share ratings; 3) exempt withholding taxes on interest payments from corporate, government, and euro bonds; and 4) exempt specified permanent establishments that don’t present a risk of using foreign jurisdictions...

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