Abu Dhabi: The UAE’s Ministry of Finance said on Thursday it has signed two final agreements with St Kitts and Nevis on the avoidance of double taxation on income and the protection and promotion of investment.
The agreements are part of the Ministry’s strategy to expand its international relations and to protect and promote Emirati investments abroad.
“The Ministry of Finance is continuing to expand its international agreements on the avoidance of double taxation and the protection and promotion of investment. These agreements play a key role in providing full protection for taxpayers from direct and indirect double taxation as well as protecting the national economy, diversifying national income sources, encouraging trade and attracting foreign investments,” Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said in a statement.
He added that the agreements help expand the UAE’s investments globally, and provide tools to protect investments from non-commercial risks.
The UAE has signed more than 103 agreements on the avoidance of double taxation, and over 63 agreements to protect and promote investment with various countries. The agreements provide a legal framework allowing tax authorities to cooperate without violating the sovereignty of other countries or the rights of tax payers. The agreements also strengthen and provide full protection for investments.