Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Ali bin Ahmed Al Kuwari, Qatari Minister of Finance. Image Credit: Supplied

Doha: The UAE and Qatar have signed an agreement to avoid double taxation and prevent fiscal evasion of income taxes.

The agreement was signed on the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee.

Commenting on the agreement signing, Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, underscored the agreement’s transformative potential, stating that it will not only enhance financial, economic, and investment partnerships between the UAE and Qatar, but also bolster coordination and cooperation in tax matters, open up new investment opportunities, and stimulate trade. Furthermore, it will play a crucial role in diversifying national income sources and providing comprehensive protection for goods and services.

He pointed out that this agreement contributes to strengthening the economic and trade relations between the two countries and provides full protection for companies and individuals from direct and indirect double taxation.

Al Hussaini added: “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.”

Ali bin Ahmed Al Kuwari, Qatari Minister of Finance, 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.”

Till date, the UAE has signed 146 double taxation avoidance agreements and 114 investment protection agreements to expand its global relations, enhance economic cooperation, and protect investments worldwide.