Dubai: The UAE and Russian authorities held a second round of negotiations on the double taxation agreement, it was announced on Monday.
The negotiations, between the UAE’s Ministry of Finance and its Russian counterparts, follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free flow of trade and investment. The meeting was held at the ministry’s headquarters in Dubai.
On the sidelines of the meeting, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, met with Alexey Sazanov, State Secretary, Deputy Minister of Finance of the Russian Federation, and Timur Zabirov, Ambassador of the Russian Federation to the UAE, to discuss partnership efforts to further enhance cooperation, growth and development between the UAE and Russia in areas of mutual interest.
“We reiterate the importance of coordination and constructive dialogue with the Russian Federation to strengthen our strategic partnerships and expand horizons for economic, financial and trade-related joint action,” Al Hussaini said.
The UAE’s negotiations team was headed by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, along with representatives from the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company.
“The negotiations on the double taxation agreement are of paramount importance, as we aim to eliminate the barriers that hinder economic cooperation between Russia and the UAE,” Al Khoory said.
Double Taxation Avoidance Agreements provide several advantages, including promoting development goals and diversifying national income sources, avoiding double taxation and tax evasion, addressing challenges of cross-border trade and investment flows, providing full protection for individuals from double taxation, as well as avoiding the obstruction of the free flow of trade and promoting investment.
