Business | Economy
UAE's agreements boost tax savings on foreign investments
The UAE was able to save from 25 to 35 per cent of the taxes imposed on its overseas investments through bilateral treaties on the prevention of double taxation, the Ministry of Finance revealed on Monday.
- By Ahmed A. Elewa, Senior Reporter
- Published: 23:49 September 8, 2008
Abu Dhabi: The UAE was able to save from 25 to 35 per cent of the taxes imposed on its overseas investments through bilateral treaties on the prevention of double taxation, the Ministry of Finance revealed on Monday.
The UAE has signed 45 treaties so far, of which eight are with Arab countries including Egypt, Syria, Lebanon, Sudan and Morocco.
Partners include a majority of the leading industrial nations and emerging economies such as Germany, France, Italy, Canada, China and India.
"The Organisation for Economic Cooperation and Development [OECD], is hosting this year an open conference to be attended by 650 representatives from taxation authorities and private sector experts from more than 103 countries," an official from the ministry of finance said.
The UAE is participating in the conference which will open today in Paris, marking the 12th round of annual discussions between public and private sectors from all over the world.
OECD bid
"The Ministry of Finance has been appointed by the cabinet of ministers to represent the country at the OECD, and we are offering to host the 14th round in 2009," the official revealed.
Last year the UAE signed a Memorandum of Understanding (MoU) with the OECD, involving the implementation of a three-year programme aiming at benefiting from the taxation experiences in the east and the west, and records of precedence for taxation treaties and their consequences.
"These treaties not only protect and improve the UAE's investments abroad, but are also very encouraging for the flow of foreign direct investments to the country," the official said.
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