The Saudi Arabian Cabinet has approved for ratification the tax treaty with Luxembourg. The treaty was originally signed in May 2013 and includes the following withholding rates:
- Dividends - 5%
- Interest - 0%
- Royalties - 5% for the use of, or the right to use, industrial, commercial or scientific equipment, otherwise 7%
The treaty will enter into force on the first day of the second month following the month the ratification instruments are exchanged, and will apply January 1st of the following…