It signed a number of agreements to protect and encourage investment and avoid double taxation
The UAE renews the advisory services agreement with the World Bank
The UAE, represented by the Ministry of Finance, signed an agreement with the World Bank to renew advisory services, and agreements with the Kingdom of Bahrain, the State of Kuwait, and the Arab Republic of Egypt, related to protecting and encouraging investment and avoiding double taxation on income, as part of the activities of the World Government Summit 2024, held from 12 Until February 14 in Dubai, under the slogan “Foreseeing the Governments of the Future.”
The signed agreements aim to enhance development goals, diversify the sources of the UAE’s national income, avoid double taxation, additional taxes, indirect taxes, and tax evasion, confront the challenges of cross-border trade and investment flows, and provide full protection for individuals from double taxation, directly or indirectly. Direct, avoiding obstruction to the free flow of trade, and attracting the largest number of investments to the UAE, in addition to taking into account tax challenges and keeping pace with global changes in the economic and financial sectors, new financial instruments and transfer pricing mechanisms, and encouraging the exchange of goods and services and the movement of capital.
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, confirmed that these agreements come from the Ministry of Finance’s keenness to achieve transparency, justice and strengthen the national economy, by strengthening strategic partnerships with various countries and the World Bank and expanding frameworks of joint cooperation in various economic and financial fields, in a way that contributes to In increasing opportunities and developing joint investments.
He said: “These agreements are of great importance, as in addition to the cooperation they contain in the areas of taxation, increasing investment opportunities and encouraging trade exchange, the World Government Summit 2024 will be held during the leading global platform that aims to exchange government expertise, ideas and experiences, anticipate the future and promote growth and prosperity.” In the world".
The Ministry of Finance and the World Bank Group signed a second renewal agreement for the advisory services agreement payable between the United Arab Emirates and the International Bank for Reconstruction and Development, which is considered an umbrella for technical support services agreements, as it will be signed between the federal and local authorities in the country to benefit from the technical support services provided by the bank. International, and this signing is considered the second renewal of the agreement signed in 2014 and renewed for the first time in 2019.
The agreement was signed on the Emirati side by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, while the World Bank was represented by His Excellency Ajay Banga, President of the World Bank Group, who said: “The partnership has a pivotal role in achieving our ambitions, and with this new chapter of cooperation between the World Bank and the Emirates.” "We are taking a step forward in advancing knowledge that is essential to making a positive impact on the UAE and the world."
His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy of the Kingdom of Bahrain, stressed the depth of the close, historical, brotherly relations that bring together the Kingdom of Bahrain and the State of the Emirates, and noted the development and growth they are witnessing at all levels, and the importance of continuing to strengthen and develop paths of cooperation and joint coordination and continuing to develop them further. Especially in the financial, economic and investment fields.
His Excellency pointed out that the “Investment Promotion and Protection” agreement and the “Avoidance of Double Taxation” agreement that were signed come within the framework of efforts to develop economic, trade and investment cooperation, and provide a favorable economic environment to encourage and attract investments, in addition to developing economic and commercial opportunities, and creating renewed horizons for integration. and joint work.
His Excellency Dr. Anwar Ali Al-Mudhaf, Minister of Finance and Minister of State for Economic Affairs and Investment in the State of Kuwait, considered that the agreement is part of the process of economic and financial integration and the free movement of capital between the UAE and Kuwait, expecting it to contribute to positive impacts on the citizens and investors of the two brotherly countries.
Dr. Mohamed Maait, Egyptian Minister of Finance, noted that work is underway with the UAE to continue developing cooperation bonds, especially in the tax, economic, financial, and investment fields, considering the supplementary agreement to the Protocol to Avoid Double Taxation and Prevent Evasion of Income Tax, part of the updates to enhance cooperation opportunities. Joint investment.
The Ministry of Finance signed two agreements with the government of the Kingdom of Bahrain, the first to eliminate double taxation with regard to income taxes and prevent tax evasion and avoidance, and the second to encourage and protect investment.
The agreement was signed on the UAE side by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, while Bahrain was represented by His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy.
Also, the Ministry of Finance signed with the State of Kuwait an agreement to avoid double taxation with regard to taxes on income and capital and to prevent tax evasion and avoidance.
The agreement was signed on behalf of the UAE side by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, while the Kuwaiti side was represented by His Excellency Dr. Anwar Ali Al-Mudhaf, Minister of Finance and Minister of State for Economy and Investment Affairs.
The Ministry of Finance also signed with the Government of the Republic of Egypt a protocol supplementing the agreement on the avoidance of double taxation and the prevention of financial evasion with regard to taxes on income.
The agreement was signed on behalf of the UAE side by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, while the Egyptian side was represented by His Excellency Dr. Mohamed Maait, Minister of Finance.
The signing of the agreements comes within the framework of the Ministry of Finance’s keenness to expand the UAE’s network of international and Arab relations, enhance economic and investment cooperation with various countries of the world, as well as protect UAE investments from all non-commercial risks, facilitate the transfer of profits and revenues, and organize dispute resolution.
It should be noted that the number of double taxation avoidance agreements signed by the UAE, represented by the Ministry of Finance, has reached 143 agreements to date. It also signed 112 agreements to protect and encourage investment. These agreements, as a whole, provide a legal framework that allows UAE investments around the world to be protected from all illegal risks.