On the sidelines of the European Council of Finance Ministers (Ecofin) meeting, held recently in Brussels, Luxembourg’s Finance Minister Luc Frieden and his Spanish counterpart Elena Salgado Mendez, signed an amendment to the existing bilateral double taxation agreement (DTA) in place between the two countries.
In accordance with the Organization for Economic Cooperation and Development’s (OECD) standard, the revised DTA provides for an exchange of information between the respective tax authorities upon request in specific cases.
The revised agreement between the two countries is of key importance for Luxembourg's financial center in terms of the development of its international activities, and in particular its investment fund industry. Following the signing of the agreement, Luxembourg will no longer appear on the list of countries which, according to a royal Spanish decree, define tax havens.
Following the G20 meeting in April, Luxembourg agreed to apply the OECD standard on information exchange in tax matters, and has since signed 20 agreements conforming with the OECD model.
A bill approving the first round of agreements was filed on October 1, 2009.
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