On 6 November 2020, officials from Luxembourg and Russia signed an amending protocol to the 1993 income and capital tax treaty with Luxembourg. Changes made by the protocol include an increase in the withholding tax rates on dividends and interest to 15% under the treaty, although reduced rates will apply in certain cases. This includes a 5% withholding tax rate on dividends if the beneficial owner is a qualifying listed company and a withholding tax exemption on interest payments on qualifying bank loans, bonds, and certain others. The protocol is the second to amend the treaty and will enter into...