The Luxembourg tax authorities announced the release of synthesized texts of certain income tax treaties that have been amended by the multilateral instrument (MLI).
The synthesized treaty texts are available on the website of the tax authorities.
The synthesized treaty texts (drafted in English) display in a single document the original text of each “covered tax agreement” and highlight the provisions that have been amended or added by the MLI. At present, synthesized texts are available for the Luxembourg treaties with Georgia, Guernsey, Isle of Man, Iceland, Israel, Jersey, Lithuania, Latvia, Serbia, and United Arab Emirates. Others are expected when the consultation process with other competent authorities is completed.
The objective of providing the synthesized treaty text is to help taxpayers understand the effects of the MLI on each covered tax agreement. The tax authorities emphasized that the authentic legal texts of each covered tax agreement, as well as the text of the MLI itself, take precedence and remain the applicable legal texts.
Read a June 2020 report prepared by the KPMG member firm in Luxembourg
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.