Moldova and Luxembourg will amend the intergovernmental convention for the avoidance of double taxation and the prevention of tax evasion on income and capital.
The decision to start negotiations on the draft protocol on amending the convention, signed in Chisinau on July 11, 2007, was made by the Moldovan government at a meeting on Wednesday, giving the authority to negotiate and initial the document to an official delegation headed by Minister of State of Finance Dorel Noroc. As noted in the Ministry of Finance, the previously signed intergovernmental convention is aimed at developing economic relations between Moldova and Luxembourg to eliminate double taxation for individuals and legal entities, as well as attract foreign investment. The Convention is designed to create tax systems that harmonize the efforts of the two states aimed at preventing double taxation, distributing taxation rights, as well as eliminating any forms of tax discrimination, which will provide favorable conditions for foreign economic activity and strengthening economic relations. The initiative for the amendments comes from the Luxembourg side. The protocol prepared by it provides for amendments to the articles concerning non-discrimination, the procedure for the peaceful settlement of disputes, the exchange of information. The purpose of the amendments is to expand the scope of the Convention to international principles of information exchange and exclusion of discrimination in relation to any types of taxes.// 11.11.2020 — InfoMarket.