UAE inks double tax deal with Palestine
Abu Dhabi, September 25, 2012
The UAE ministry of finance has signed a final agreement with Palestine to eliminate double taxation on income in a move aimed at bolstering economic ties and enhance trade development between the two countries.
The UAE has signed 64 agreements to avoid double taxation, and all have been adopted and are under implementation.
Double taxation agreements such as this help promote the development goals of countries by diversifying the sources of national income and increasing the volume of inward investment, said Younis Haji Al Khouri, the undersecretary of MoF, after signing the key pact with Dr Khairi Al Oraidi, the ambassador of Palestine to the UAE on Monday.
The agreement aims to support the development of economic relations, improve the investment climate between the two economies, promote importing and exporting operations in addition to developing direct trade between both countries.
It also reflects the efforts of the UAE ministry to enhance financial relations with various countries around the world, and its continuous quest to provide full protection for taxpayers from double taxation, whether direct or indirect.
Furthermore, the agreement serves to strengthen the UAE’s efforts to further access the world’s economy through promoting the free movement of production factors, increase investment opportunities, and encourage import and export operations while avoiding the obstruction of the free flow of trade and investment.
Commenting on the pact, Al Khouri said, "The signing of the agreement to avoid double taxation is one of the important steps that we have undertaken to strengthen mutual relations between UAE and Palestine economically and financially."
"This agreement comes under considerable efforts by the Ministry to consolidate and strengthen the economic and investment co-operation between the UAE and the world. This is a mutual beneficial arrangement that will have a positive impact on the investment climate and economic development in the UAE," he stated.
“This type of agreement provides significant benefits to citizens, companies, sovereign funds, private sector institutions and residents as well as institutions of the federal and local governments, in addition to state owned airlines which are exempt from all taxes.” Al Khouri added.-TradeArabia News Service
More Finance & Capital Market Stories
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award