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UAE and Qatar Sign Agreement to Prevent Double Taxation, Income Tax Evasion

The agreement will diversify national income sources and provide comprehensive protection for goods and services

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Staff Writer, TLR

Published on May 31, 2024, 13:20:08

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prevent double taxation, tax evasion

 

The UAE and Qatar have formalised an agreement aimed at avoiding double taxation and preventing income tax evasion. The agreement was signed by Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Ali bin Ahmed Al Kuwari, Qatari Minister of Finance.

The signing took place during the 121st meeting of the GCC Financial and Economic Cooperation Committee, with several officials from both nations present.

Al Hussaini emphasised the transformative potential of the agreement, highlighting its role in enhancing financial, economic and investment partnerships between the UAE and Qatar. He noted that the agreement would improve tax coordination and cooperation, create new investment opportunities and stimulate trade. Additionally, it is expected to diversify national income sources and provide comprehensive protection for goods and services.

Al Hussaini pointed out that the agreement strengthens economic and trade relations between the two countries and offers full protection for companies and individuals against both direct and indirect double taxation.

He stated: “The UAE Ministry of Finance is dedicated to enhancing trade and investment relations with all partners by developing mechanisms that clarify the status of investors' operations in trade, economic, financial, and other activities in countries with active economic relations with the UAE.”

Al Kuwari also highlighted the agreement's significance, noting its effective role in promoting international transparency standards through the exchange of documented financial information. He emphasised that this agreement would further strengthen bilateral economic relations.

Expanding Relations

The agreement reflects the UAE’s commitment to expanding its network of international and Arab relations, enhancing economic and investment cooperation with various countries globally. It aims to protect UAE investments from non-commercial risks, facilitate the transfer of profits and returns, and regulate dispute resolution.

To date, the UAE has signed 146 agreements to avoid double taxation and 114 agreements to protect and promote investments. These agreements provide a legal framework that safeguards UAE investments worldwide.

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