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MOF inks draft agreement with People's Republic of Bangladesh to avoid double taxation

posted on 04/11/2009: 3030 views



In its efforts to streamline economic and investment cooperation with other countries across the world and to strengthen the UAE's investment and economic development potential, the Ministry of Finance (MOF) signed a draft agreement with the People's Republic of Bangladesh to avoid double taxation of income. The draft agreement was reached after negotiations that lasted three days at the office of the Ministry in Abu Dhabi.

Commenting on the draft agreement, HE Khalid Al Bustani, Executive Director for International Financial Relations, Ministry of Finance said: "The UAE is a leading country to have signed the most agreements to avoid double taxation. These agreements bring about a positive impact on investment promotion, economic cooperation and trade between the UAE and other countries. The number of such agreements that the UAE has signed with various countries has now reached 49." According to the draft agreement, governmental institutions are exempted from all types of tax on any income. In addition the agreement reduces tax on private investment from 17.5 per cent to 5 per cent. It also gives investors in the UAE other financial benefits and includes a complete taxation exemption of income derived from aviation.

Income taxes include taxes on total income, elements of income and on gains generated from movable and immovable property or funds.

The volume of the UAE's non - oil exports to Bangladesh has increased from AED 79 million in 2007 to Dh107 million in 2008. - Emirates News Agency, WAM

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