The UAE and Qatar have signed an agreement to avoid double taxation and prevent fiscal evasion of income taxes. The double taxation avoidance agreement was signed by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Ali bin Ahmed Al Kuwari, Qatari Minister of Finance.
This took place on the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee.
Enhancing partnership
Al Hussaini underscored the agreementโs transformative potential, stating that it will not only enhance financial, economic and investment partnerships between the UAE and Qatar, but also boost coordination and cooperation in tax matters, open up new investment opportunities, and stimulate trade. Furthermore, it will play a crucial role in diversifying national income sources and providing comprehensive protection for goods and services.
He pointed out that this agreement contributes to strengthening the economic and trade relations between the two countries and provides full protection for companies and individuals from direct and indirect double taxation.
โThe UAE Ministry of Finance is keen to strengthen its trade and investment relations with all partners by developing mechanisms that clarify to investors the status of their operations in trade, economic, financial, and other activities in countries that have active economic relations with the UAE,โ Al Hussaini said.
Boosting transparency
On his part, Al Kuwari, stressed the importance of this agreement and its effective role.
โThe agreement will contribute to supporting international standards of transparency through the exchange of documented financial information, which comes in light of strengthening bilateral economic relations between the two countries,โ Al Kuwari said.
The signing of the agreement stems from the UAEโs keenness to expand its network of international and Arab relations, enhance economic and investment cooperation with various countries worldwide, protect UAE investments from all non-commercial risks, facilitate the transfer of profits and returns, and regulate dispute resolution.
Notably, the UAE has signed 146 double taxation avoidance agreements to date. In addition, it has signed 114 agreements to protect and promote investments. Together, these agreements provide a legal framework that protects UAE investments worldwide.
For more news on economy, click here.
