New York: The UAE and Barbados yesterday signed an agreement to avoid double taxation and prevent fiscal evasion regarding taxes on income.
The agreement was signed by Reem Bint Ebrahim Al Hashemi, Minister of State, and Maxine McClean, Minister of Foreign Affairs of Barbados. The agreement looks at ways to promote cooperation and strengthen the economic side between both parties by avoidance of double taxation on income per capita and companies, including commercial, land, air transportation and any similar taxes.
It also agrees to notify the competent authorities of both countries of any substantial changes made to the tax laws.
As part of the agreement, both parties will exchange information regarding its implementation. It will be valid for ten years, renewable for a similar period.
