The UAE, represented by the Ministry of Finance, has completed the final round of negotiations regarding the Double Taxation Avoidance Agreement on income and capital with the Russian Federation. This highlights the UAE’s dedication to enhancing economic and tax cooperation, creating a business-friendly atmosphere that safeguards taxpayers’ rights, prevents double taxation, and encourages investment along with the smooth flow of trade.
The negotiations took place at the Ministry’s offices in Dubai and concluded with the initial signing of the draft agreement.
The UAE delegation was led by Younis Haji Alkhoori, under-secretary of the Ministry of Finance, and included Shabana Aman Khan Begum, executive director of the Tax Policy Sector at the Ministry of Finance. The Russian delegation was headed by Alexey Sazanov, deputy minister of Finance of the Russian Federation.
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Goals of the UAE Double Taxation Avoidance Agreement
The purpose of this agreement is to establish a stable and investment-friendly tax framework, eliminate tax barriers that could impede investors, and prevent double taxation for both individuals and businesses.
It aims to boost confidence among both foreign and domestic investors, promote increased joint investments, and support the strengthening of economic and trade relations between the UAE and Russia. Additionally, the agreement seeks to create new avenues for economic growth, facilitate the sharing of expertise and technologies between institutions and businesses in both nations, and promote sustainable trade and financial connections in the long term.
Younis Haji Alkhoori emphasized, “These negotiations are part of a series of efforts aimed at enhancing the investment environment and removing tax obstacles for individuals and businesses in both countries. Signing the double taxation avoidance agreement with Russia represents a strategic step towards strengthening the economic ties between the two nations. This agreement will provide a clear and stable legal framework that supports investors and stimulates trade exchange, fostering confidence and attracting both foreign and domestic investments.”
He further noted, “We are confident that this agreement will contribute to economic growth and open new avenues for cooperation across various fields. It also reflects the UAE’s commitment to providing a stable, investment-friendly tax environment, reinforcing its position as a preferred destination for international investors.”
