“Finance” celebrates the 30th anniversary of the signing of agreements to avoid double taxation

11-03-2019 Media in\ Dubai
Sheikh Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Air Authority, Emirates Group Chief Executive Officer, Second Vice President of the Executive Council of Dubai and HE Obaid Bin Humaid Al Tayer, Minister of State for Finance. An official ceremony marking the 30th anniversary of the signing of agreements to avoid double taxation and agreements to protect and encourage investment.
The event, which was attended by Excellencies, Ambassadors, Consuls, senior officials of the UAE government and strategic partners of the Ministry, witnessed a press conference to sign and announce the extension of the MoU between the UAE and the Organization for Economic Co-operation and Development (OCD) for the three years 2019-2021, Joint cooperation in the development of understanding of the practical application of the international tax principles of tax conventions.
HH Sheikh Hamdan bin Rashid Al Maktoum stressed the strategic importance of signing these agreements. The wise leadership of the UAE and its visionary vision recognized the importance of signing these agreements to reduce the tax burden on local investments abroad and protect them from non-commercial risks. around the world.
“The signing of agreements to prevent double taxation and agreements to protect and encourage investment is an important element in the process of attracting foreign investments and enhancing the competitiveness of the country and its investment attractiveness, which in turn contributes to supporting the country’s development goals and diversifying sources of national income,” he said. For his part, HE Obaid Al Tayer affirmed the commitment of the Ministry of Finance to expand the UAE network through the signing of agreements on the prevention of double taxation and agreements to protect and encourage investment in order to strengthen the trade and economic relations of the country and to provide more investment opportunities for companies and foreign investments as well as encourage the movement of trade and exchange of goods and movement of capital Across the border, pointing out that the Ministry of Finance has made important steps in the process of signing the tax agreements, which amounted to 210 agreements to date, and the State has taken an important position in the field of dissemination of knowledge associated with issues Azzwa Tax in the region and the world where it was a strategic partner of the Organization for Economic Cooperation and Development held regional workshops on tax treaty issues and raise the awareness of the region’s governments on these issues.
In the opening speech of the ceremony, Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, welcomed the presence of His Excellency the Excellencies, thanking their participation in the Ministry’s celebration of the 30th anniversary of the signing of the agreements. He pointed out that the negotiations started since 1989 on the agreements of avoiding double taxation on income and protecting and encouraging investment with friendly and sister countries Which aims to achieve economic balance and protect investments from all non-commercial risks. The number of agreements concluded between 1989 and 2018 reached 210 agreements, including 123 agreements to avoid double taxation and 87 agreements to protect and encourage investment. He pointed out that the ranking of the country comes second in the world in terms of agreements to avoid double taxation and the first at the level of Arab countries.