On the 21st of November, an amendment to the Agreement between Luxembourg and Russia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed in Moscow. The amendment, built on successful efforts of Luxembourg to improve contractual provisions of economic interest, addresses in particular the taxation of dividends. The dividends are now subject to a tax of 5%, instead of 10%.

From the date of entry into force of that amendment, the collective investment undertakings (SICAV/F) would also benefit from the Agreement.