On 17 March 2021, the German Federal Cabinet approved for ratification the pending protocol to the 2011 income and capital tax treaty between the two countries. The protocol, signed 19 January 2021, is the second to amend the treaty and includes changes to bring the treaty in line with BEPS standards. The protocol will enter into force once the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force.