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UAE inks 47 DTAAs with trade partners

posted on 24/11/2008: 2993 views



The first UAE Ministry of Finance seminar on 'The Benefits of the UAE Double Taxation Avoidance Agreements for private sector in the UAE' was inaugurated by HE Khalid Al Bustani, Executive Director of Budget and International Relations, UAE Ministry of Finance.

The speakers, during their presentations, highlighted the importance of the Double Taxation Avoidance Agreements (DTAAs) in the smooth inflow of foreign investment, and capital, in view of the UAE's signing of the agreement with many countries in order to protect its investors from direct or indirect double taxation and how these agreements contribute in enhancing the commercial and economic relations between countries and how they broaden investment opportunities for the business community locally and internationally.

Mr. Atiq Juma Nasib, Executive Director, Commercial Services Department, Dubai Chamber of Commerce and Industry, stressed in his welcome speech upon the benefits of double taxation avoidance agreements on incomes for both public and private sectors which form the core of the strategic partnership between the Ministry of Finance and the private sector in the country.

HE Khalid Al Bustani, Executive Director of Budget and International Relations, UAE Ministry of Finance, spoke on the strategic partnership between the Ministry of Finance and the private sector in the UAE, saying that the Ministry of Finance signed bilateral agreements with many countries to achieve the balance of trade, reduce the cost of the operation of foreign investments and increase efficiency.

'This strategy of signing of the double taxation avoidance agreement with most of the UAE's trading partners, started in 1989 through the conclusion of an agreement with the Republic of France and spread to 47 countries this year,' he said.

He added : 'These agreements provide benefits to avoid double taxation for many public and private sector organisations, and include the reduction of taxes on dividends and tax-exempt deposits after it was subject to tax, and exemption from capital gains taxes, exemption of freight taxes for national airlines and shipping companies, in addition to attracting foreign investment, and the movement of capital to the UAE.' – Emirates News Agency, WAM

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