The UAE’s Ministry of Finance signed an agreement with Saudi Arabia for the avoidance of double taxation and prevention of tax evasion with regards to taxes on income and capital.

The deal was signed by ministers of finance from each country in a meeting in Jeddah during which the two ministers also discussed other topics including collaboration on the application of agreements regarding Value-Added Tax and selective taxation.

The UAE said the deal on avoiding double taxation is part of efforts to increase investment opportunities and facilitate trade.