The Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf met here today with Luxembourg's Finance Minister Luc Frieden, currently visiting the Kingdom to participate in Euromoney Saudi Arabia Conference. During the meeting, they discussed mutual relations between the two countries and issues of common interest in the economic and investment fields and ways of strengthening them. On the other hand, the two ministers signed an agreement for the avoidance of double taxation and prevention of fiscal evasion with regard to taxes on income and capital between the Government of the Kingdom of Saudi Arabia and the Government of Luxembourg. Dr. Al-Assaf called on businessmen in both countries to benefit from this Agreement's advantages and tax cuts for the establishment of more joint investment projects, noting that the volume of trade exchange between the Kingdom and Luxembourg amounted to about SR 266 million in 2012.
