UAE Finance Ministry Discusses 2014 Plan For DTAs
by Lorys Charalambous, Lowtax.net, Cyprus
10 February, 2014
The United Arab Emirates' (UAE) Ministry of Finance recently organized a meeting with its governmental strategic partners in the UAE to discuss plans to sign double tax avoidance agreements with various countries throughout 2014.
The meeting was headed by Younis Haji Al Khouri, the undersecretary of the Finance Ministry. Along with the participants of the meeting Haji Al Khouri outlined the operational plan developed by the ministry to negotiate agreements for the avoidance of double taxation on income for the year 2014, as well as to continue to avoid taxation levied on air transportation and implement memoranda of understanding on tax exemption. Participants were also briefed about the process of tax treatment of the UAE's private or public investments, before signing double tax avoidance agreements on income.
Commenting on the meeting, Haji Al Khouri highlighted the ministry's commitment to conduct a series of consultations between its strategic partners in order to achieve the desired goal of expanding the investment base which links the UAE to the rest of the world. Haji Al Khouri is delighted by the role these investments have played on strengthening the UAE's position on the global trade map.
Haji Al Khouri said: "The double tax avoidance agreements have a positive effect on protecting and guaranteeing UAE investments abroad, enhancing trade and economic cooperation between the countries. These agreements provide significant benefits to all UAE investors, institutions, federal and local governments, companies, sovereign funds, institutions with private sector operations, individuals residing in the UAE, as well as state-owned national airlines that become exempt from all types of taxes."
The meeting also featured a discussion about the progress being made by the ministry through cooperative efforts with the Ministry of Foreign Affairs to resolve the pending issues before the start of any double taxation avoidance negotiations with Latin American countries. Furthermore, the meeting allowed participants to provide their feedback and recommendations on this topic, while the ministry stressed the need to know the size of any proposed UAE investments in these countries, prior to commencing any negotiations.
The UAE has signed 75 double taxation avoidance agreements with the country's key trade partners and 46 agreements to protect and encourage investments abroad.
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