Luxembourg and Czech Republic Signed Tax Agreement

Luxembourg and Czech Republic Signed Tax Agreement

After the recent EU Council of Economic and Finance Ministers meeting in Brussels, Luxembourg’s Finance Minister Luc Frieden and his Czech colleague Miroslav Kalousek signed a bilateral double taxation agreement.

The agreement aims to prevent double taxation and tax evasion with respect to taxes on income and on wealth between Luxembourg and the Czech Republic. It replaces the previous treaty signed in 1991.

The new agreement is in line with the latest OECD’s standards, particularly the provision of the exchange of tax information. The treaty covers not only individuals and corporations, but also investment funds.

By now Luxembourg has signed around 60 double taxation treaties with other countries. It is expected that these agreements serve to deepen international economic and financial relations in the interests of Luxembourg, which intends to expand its tax treaty network further.

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