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The United Arab Emirates signs agreements with Arab countries to avoid double taxation – News

Ministers from the United Arab Emirates and Kuwait after the signing of the agreement. —Wam

Published: Monday, February 12, 2024, 9:32 p.m.

The UAE Ministry of Finance signed agreements related to the promotion and protection of investments and the avoidance of double taxation with Kuwait and Bahrain, and other agreements with Egypt and the World Bank.

The signings took place on the sidelines of the World Government Summit (WGS) 2024 in Dubai under the theme “Shaping the governments of the future”.

The agreements aim to boost development objectives, diversify the UAE’s national revenue sources and avoid double taxation, additional taxes, indirect taxes, tax evasion and address the challenges of cross-border trade and investment flows. The agreements also take into account fiscal challenges and keep pace with global changes in the economy and financial sectors, new financial instruments, transfer pricing mechanisms and encourage the exchange of goods and services and the movement of capital.

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Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said: “These agreements arise from the ministry’s commitment to achieving transparency and equity and improving the national economy by strengthening strategic partnerships with various countries and the World Bank, and expanding “joint cooperation frameworks. cooperation in different economic and financial fields, contributing to the increase of opportunities and development of joint investments.”

And he added: “These agreements are significant, in addition to including cooperation in the tax field, increasing investment opportunities and promoting commercial exchange.”

The ministry signed with the World Bank Group a second renewal agreement for the advisory services agreement payable between the United Arab Emirates and the International Bank for Reconstruction and Development, which serves as a framework for the technical support services agreements to be will be signed between federal and local entities in the country to benefit from the technical support services provided by the World Bank. This is the second renewal of the agreement, initially signed in 2014 and first renewed in 2019. The agreement was signed by Mohamed Hadi Al Hussaini and Ajay Banga, president of the WBG.

“The partnership plays a vital role in turning our ambitions into action,” said Ajay Banga. “This new chapter of collaboration between the World Bank and the UAE is a step forward in advancing knowledge that is critical to generating impact for the UAE and globally.”

Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy of Bahrain, highlighted the historic and long-standing relations between the Kingdom and the United Arab Emirates. He noted the need to continue working to strengthen existing collaborations and forge new cooperations, especially in the financial, economic and investment fields. He indicated that the investment promotion and protection agreement and the agreement to avoid double taxation are part of joint efforts to develop economic, commercial and investment cooperation between both nations.

Dr. Anwar Al Mudhaf, Minister of Finance and Minister of State for Economic Affairs and Investment of Kuwait, noted that the agreement is part of the economic and financial cooperation between the UAE and Kuwait, and is expected to have a positive impact on the citizens and investors of both countries.

Dr. Mohamed Maait, Minister of Finance of Egypt, noted that the UAE and Egypt continue to advance cooperation, especially in the fiscal, economic, financial and investment fields. He noted that the complementary agreement on avoidance of double taxation and prevention of income tax evasion is part of efforts to enhance collaborative opportunities for joint investments.

To date, the UAE, represented by the Ministry of Finance, has signed 143 double taxation avoidance agreements and 112 investment promotion and protection agreements, which together provide a legal framework that protects UAE investments throughout the world. world.

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