The UAE and Qatar have inked a deal to prevent double taxation and evade fiscal impropriety of income taxes. The pact was signed by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Ali bin Ahmed Al Kuwari, Qatari Minister of Finance, in the presence of various officials from both sides. This occurred on the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee.
Mohamed Al Hussaini emphasized the transformative potential of the agreement, asserting that it will not only strengthen financial, economic, and investment partnerships between the UAE and Qatar but also enhance coordination and cooperation in tax matters, create new investment opportunities, and stimulate trade. Moreover, it will play a critical role in diversifying national income sources and offering comprehensive protection for goods and services.
He highlighted that this accord contributes to fortifying the economic and trade relations between the two countries and offers complete protection for companies and individuals from direct and indirect double taxation. He expressed, “The UAE Ministry of Finance is committed to bolstering its trade and investment relations with all partners by developing mechanisms that elucidate to investors the status of their operations in trade, economic, financial, and other activities in countries that have active economic relations with the UAE.”
Ali bin Ahmed Al Kuwari emphasized the significance of this agreement and its effective role. He remarked, “The agreement will support international transparency standards through the exchange of documented financial information, in light of strengthening bilateral economic relations between the two countries.”
The execution of the agreement emanates from the UAE’s eagerness to broaden its network of international and Arab relations, enhance economic and investment cooperation with various countries worldwide, safeguard UAE investments from non-commercial risks, facilitate the transfer of profits and returns, and regulate dispute resolution.
The UAE has signed 146 double taxation avoidance agreements to date and 114 agreements to protect and promote investments. Together, these agreements provide a legal framework that safeguards UAE investments globally.
