New protocol on Taxation between Uzbekistan and Luxemburg comes into force

Protocol on Amending the Convention between the Republic of Uzbekistan and the Grand Duchy of Luxembourg on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital, signed in September 2017 in Luxemburg, entered into force. The document was adopted on July 2, 1997, the MFA press service said.

The new document makes it possible to bring the provisions on the exchange of tax information in line with international standards and prevent abuse of the terms of double taxation treaties. This is one of the main points of the action plan to combat the erosion of the tax base and the withdrawal of profits from taxation developed by the Organization for Economic Cooperation and Development.

According to Article 6 of the Protocol, its provisions will apply to taxes payable from January 1, 2020.