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UAE signs double tax deal with Mexico

Abu Dhabi, November 21, 2012

The UAE has signed an agreement with Mexico to avoid double taxation on income in a move aimed at strengthening mutual economic and trade relations between the two countries.

This agreement also aims to develop investments between the two countries, where Mexico is currently the head of the G-20 countries, said a statement from the UAE Ministry of Finance.

The pact also includes several financial and tax benefits for investments of the public and private sectors in the UAE, which allows the establishment of a strategic co-operation and integration with Mexico and other countries of Latin America.

Mexico is considered one of the most important emerging economies at the level of Latin American countries, and one most prominent countires included in the global index of government bonds.

UAE undersecretary of Ministry of Finance Younis Haji Al Khouri and Mexican Ambassador to the UAE, Francisco Alonso signed the agreement in the presence of Khalid Ali Al Bustani, the assistant undersecretary of International Financial Relations Sector and Dr Hamed Nasr, Economist at the Ministry’s headquarters in Abu Dhabi.

Commenting on deal, Al Khouri said, "It emphasised the importance of establishing strong commercial and economic relations between the UAE and Mexico through improving the investment climate and the exchange of expertise and partnerships between the public and private sectors of both countries."

Al Khouri also shed light on the importance of the agreement as one of the main legal pillars and mechanisms of increasing the flow of investments, developing trade and tourist exchanges, and promoting the air transport industry in both countries.

"This agreement will also ensure a privileged position for the UAE’s economy in all Latin American countries for its recognised infrastructure, monetary capabilities and fiscal policies that attract direct foreign investments," he noted.

Al Khouri said the UAE has signed 67 such agreements to this day of which 27 were European countries, 10 of the Commonwealth of Independent States (CIS), 9 Arab countries and 13 Asian countries in addition to 5 African countries besides all of New Zealand, Canada and Mexico.

These agreements included the leading trading partners of the UAE in different continents, he added.-TradeArabia News Service




Tags: UAE | Mexico | double taxation |

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