Abu Dhabi: An agreement to avoid double taxation on income has been signed between the UAE and the Republic of Ireland.
Director General of the Ministry of Finance Younus Haji Al Khoury signed the agreement on behalf of the UAE, while the Ambassador of the Republic of Ireland signed it on behalf of his country.
Commenting on the signing of the agreement, Al Khoury said: "This agreement is one of the most important pillars that contribute to developing and strengthening cooperation and partnership between the two countries including [in] all areas of common interest. The agreement seeks to create the suitable investment environment, attracting governmental investment and sovereign funds, in addition to encouraging private sector investment in both countries."
He added that the agreement would also increase the volume of trade and tourism, something that leads to the development of the air transportation industry by removing fin-ancial, economic and tax obstacles facing these operations. This is expected to enhance sustainable development and create more employment opportunities in both countries.
Al Khoury reiterated that the signing of this agreement comes after the Group of 20 meeting in Toronto. The G20 urged member countries not to impose new barriers against investment and trade in goods, and to minimise the impacts on trade and investment by internal policy measures including fiscal policy.
