Cookie Consent by Privacy Policies Generator website UAE and Qatar Sign Double Taxation Avoidance Agreement

GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More News/Press Releses
Featured Sections

Latest Dubai News >>

    Share

Doha, State of Qatar: May 30, 2024 – The UAE and the State of Qatar have signed an agreement to avoid double taxation and prevent fiscal evasion of income taxes.

The agreement was signed by His Excellency Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and His Excellency Ali bin Ahmed Al Kuwari, Qatari Minister of Finance, in the presence of several officials from both sides. This took place on the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee.

Commenting on the agreement signing, His Excellency Mohamed Al Hussaini underscored the agreement's transformative potential, stating that it will not only enhance financial, economic, and investment partnerships between the UAE and Qatar, but also bolster 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.

His Excellency said: “The 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.”

For his part, His Excellency Ali bin Ahmed Al Kuwari, stressed the importance of this agreement and its effective role. He said: “The 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.”

The signing of the agreement stems from the UAE's 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.




Posted by : GoDubai Editorial Team
Viewed 20192 times
Posted on : Thursday, May 30, 2024  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : RTA unveils Commercial and Logistics Land Transport Strategy 2030
Next Story : Third Make it in the Emirates Forum facilitates five strategic announcements and signing of 82 agree...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days