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UAE and Qatar Sign Agreement to Avoid Double Taxation and Prevent Fiscal Evasion

UAE and Qatar Sign Agreement to Avoid Double Taxation and Prevent Fiscal Evasion

The UAE and Qatar have formalized an agreement aimed at avoiding double taxation and preventing fiscal evasion of income taxes. 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, in the presence of several officials from both sides during the 121st meeting of the GCC Financial and Economic Cooperation Committee.

Mohamed Al Hussaini highlighted the transformative potential of the agreement, stating it will not only enhance financial, economic, and investment partnerships between the UAE and Qatar but also bolster coordination and cooperation in tax matters. The agreement is expected to open new investment opportunities, stimulate trade, diversify national income sources, and provide comprehensive protection for goods and services. Al Hussaini emphasized that the agreement would strengthen economic and trade relations between the two nations and offer full protection for companies and individuals from direct and indirect double taxation.

Al Hussaini remarked, “The UAE Ministry of Finance is committed to strengthening its trade and investment relations with all partners by developing mechanisms that clarify to investors the status of their operations in trade, economic, financial, and other activities in countries with active economic relations with the UAE.”

Ali bin Ahmed Al Kuwari underscored the significance of the agreement, noting its role in supporting international transparency standards through the exchange of documented financial information. He emphasized that the agreement would enhance bilateral economic relations between the UAE and Qatar.

The signing of this agreement is part of the UAE’s broader strategy to expand its network of international and Arab relations, enhance economic and investment cooperation globally, 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 double taxation avoidance agreements and 114 agreements to protect and promote investments. These agreements collectively provide a legal framework that safeguards UAE investments worldwide.