Qatar, UAE ink agreement to prevent double taxation

(MENAFN) In a significant move aimed at bolstering economic cooperation, the State of Qatar, represented by the Ministry of Finance, and the United Arab Emirates (UAE), represented by the UAE Ministry of Finance, have entered into an agreement aimed at avoiding double taxation and combatting fiscal evasion concerning income taxes. The agreement, signed by H E Ali bin Ahmed Al Kuwari, Minister of Finance for Qatar, and H E Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, underscores the commitment of both nations to promote transparency and strengthen bilateral economic ties.

H E Ali bin Ahmed Al Kuwari emphasized the importance of the agreement in upholding international standards of transparency through the exchange of documented financial information. He highlighted its role in fostering greater collaboration between Qatar and the UAE, ultimately enhancing the economic landscape of both nations. The agreement is poised to facilitate smoother business transactions and mitigate the risk of double taxation, thus providing a conducive environment for sustained economic growth.

Echoing these sentiments, H E Mohamed Al Hussaini emphasized the agreement's contribution to fostering the development of economic and trade relations between Qatar and the UAE. He emphasized the importance of providing comprehensive protection to companies and individuals from the adverse effects of direct or indirect double taxation, thereby promoting a favorable environment for investment and business expansion.

Furthermore, H E Al Hussaini reiterated the UAE Ministry of Finance's commitment to strengthening trade and investment relations with all partners. He underscored the ministry's dedication to enhancing clarity and transparency in trade, economic, and financial activities, thereby providing investors with greater confidence and certainty regarding their operations within the UAE and countries with active economic ties to the UAE.

The agreement represents a significant step towards achieving mutual economic benefits and fostering a conducive environment for investment and trade between Qatar and the UAE. By eliminating barriers to double taxation and enhancing transparency, the agreement is poised to facilitate greater collaboration and cooperation between the two nations, ultimately contributing to their economic prosperity and growth.

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