L-R: Suela Janina, Albanian Ambassador to Luxembourg; Pierre Gramegna, Luxembourg's Minister of Finance; Credit: MFIN

Luxembourg's Minister of Finance, Pierre Gramegna, and the Albanian Ambassador to Luxembourg, Suela Janina, signed today a protocol which will modify the double taxation convention between the two countries, signed in January 2009.

The new protocol will update the tax convention between Luxembourg and Albania with the latest standards in international taxation. It will include the latest standard for the exchange of information as well as the standards resulting from the OECD Beps action plan, thus taking into account the commitments made by Luxembourg at the international level.

The signing of this agreement will allow Luxembourg to start the ratification procedure of the tax convention signed in 2009 between the Grand Duchy and Albania. This convention is considered an important factor in further developing the economic, financial and commercial exchange between the two countries.

Through this agreement, Luxembourg also continues to update its network of double taxation agreements with the provisions combatting the erosion of the tax base and the shifting of profits.