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Signature of a new double taxation agreement between Luxembourg and Singapore
On the 9th of October 2013, the Minister of Finance of the Grand-Duchy of Luxembourg, Mr. Luc Frieden, and Mr. Tharman Shanmugaratnam, Deputy Prime Minister and Minister of Finance of the republic of Singapore, have signed an agreement on the avoidance of double taxation and on the prevention of fiscal evasion with respect to taxes on income and on capital. The agreement was signed in Washington were both Ministers participated at the annual meetings of the IMF and the World Bank.
This agreement was initiated by Luxembourg's demand to modify article 26 of the 1993 agreement concerning the information exchange between contracting parties in order to be compliant with the latest OECD standards. Besides information exchange, the new agreement also clarifies the situation with regard to Undertakings for Collective Investments, residing in either country, which are eligible to benefit from the advantages of the said agreement. When entering into force, the new agreement will replace the existing agreement of March 6, 1993.
This agreement is not only testimony to the good relations between Luxembourg and Singapore. It is also of major importance for the development of the international activities of Luxembourg's financial center.
Communiqué du Gouvernement (in French)