UAE and Qatar sign agreement to prevent double taxation

This news has been read 735 times!

DOHA, May 30: In a move aimed at bolstering economic ties and ensuring fiscal transparency, the United Arab Emirates (UAE) and Qatar have inked a pact to avoid double taxation and combat income tax evasion.

The agreement, signed during the 121st meeting of the GCC Financial and Economic Cooperation Committee, marks a significant step towards enhancing trade and investment relations between the two nations.

Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, emphasized the agreement’s role in fortifying economic and trade links while providing comprehensive protection for companies and individuals against direct and indirect double taxation. He stated, “The UAE Ministry of Finance is committed to strengthening trade and investment relations with all partners by implementing mechanisms that clarify the operational status of investors in various economic sectors.”

Ali bin Ahmed Al Kuwari, Qatari Minister of Finance, highlighted the agreement’s contribution to upholding international standards of transparency through the exchange of documented financial information. He emphasized that the agreement reflects the commitment of both countries to strengthening bilateral economic cooperation.

The UAE’s proactive approach to forging international partnerships is underscored by its extensive network of agreements. With 146 double taxation avoidance agreements and 114 investment protection agreements already in place, the UAE aims to broaden its global relations, foster economic collaboration, and safeguard investments on a global scale.

This news has been read 735 times!