News & Events
In a recent event, Qatar and the United Arab Emirates (UAE) made an agreement to avoid double taxation and stop financial fraud related to income taxes. The signing happened between H E Ali bin Ahmed Al Kuwari from Qatar's Ministry of Finance and H E Mohamed Hadi Al Hussaini from the UAE Ministry of Finance.
H E Ali bin Ahmed Al Kuwari stressed how important this agreement is. He said,
| "The agreement will contribute to supporting international standards of transparency through the exchange of documented financial information, which comes in light of strengthening bilateral economic relations between the two countries." |
H E Mohamed Al Hussaini also talked about the benefits of this agreement. He mentioned,
| “The UAE Ministry of Finance is keen to strengthen 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 that have active economic relations with the UAE.” |
The goal of this agreement is to create tax treaties that stop double taxation between Qatar and the UAE. It's a step to make sure everyone is treated fairly and to stop tax dodging.The agreement between Qatar and the UAE is set to make a big difference for businesses and people in both countries. It will open up new chances to invest, boost trade, and make both nations work together better on tax matters.
The agreement was signed in front of several officials from both sides, during the 121st meeting of the GCC Financial and Economic Cooperation Committee. Mohamed Al Hussaini mentioned that this agreement helps diversify income sources and protects goods and services.
The UAE wants to expand its international and Arab relations. It aims to enhance economic and investment cooperation globally, protect UAE investments, facilitate profit transfers, and solve disputes. The UAE has signed many agreements to avoid double taxation and protect investments, making sure UAE investments are safe worldwide.
It's important to mention that the UAE has signed 146 agreements to avoid double taxation and 114 agreements to protect and promote investments. These agreements create rules to protect UAE investments all around the world.
To know more about Double Taxation and to know the 146 countries, check out here.