The U.A.E’s Ministry of Finance has recently organized a meeting with its Governmental strategic partners, to discuss plans to sign Double Tax Avoidance Agreements with various countries throughout 2014.
The meeting was headed by Younis Haji Al Khouri, who is the undersecretary of the Finance Ministry. Along with the participants of the meeting Haji Al Khouri outlined the operational plan developed by the ministry to negotiate agreements for the avoidance of double taxation on income for the year 2014, as well as to continue to avoid taxation levied on air transportation and implement memoranda of understanding on tax exemption. Before signing double tax avoidance agreements on income, participants were briefed about the process of tax treatment of the U.A.E’s private or public investments.
Undersecretary of MOF highlighted the ministry’s commitment to conduct a series of consultations between its strategic partners in order to achieve the desired goal of expanding the investment base which links the U.A.E to the rest of the world. Haji Al Khouri is delighted by the role these investments have played on strengthening the U.A.E’s position on the global trade map.
The Double Tax Avoidance Agreements have a positive effect on protecting and guaranteeing U.A.E investments abroad, enhancing trade and economic cooperation between the countries. The DTAA agreements provide significant benefits to all U.A.E investors, institutions, federal and local governments, companies, sovereign funds, institutions with private sector operations, individuals residing in the U.A.E, as well as state-owned national airlines that become exempt from all types of taxes.
The meeting also featured a discussion about the progress being made by the ministry through cooperative efforts with the Ministry of Foreign Affairs to resolve the pending issues before the start of any double taxation avoidance negotiations with Latin American countries.
Moreover, the meeting allowed participants to provide their feedback and recommendations on this topic, while the ministry stressed the need to know the size of any proposed U.A.E investments in these countries, prior to commencing any negotiations.
The U.A.E has been signed 75 DTA agreements with the country’s key trade partners and 46 agreements to protect and encourage investments abroad.
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