To significantly strengthen economic ties, the UAE and Qatar signed an agreement to avoid double taxation and prevent income tax evasion. The signing took place on the sidelines of the GCC Financial and Economic Cooperation Committee meeting.

UAE Minister of State for Financial Affairs, Mohamed Al Hussaini, hailed the agreement as a game-changer. He anticipates it will bolster financial, economic, and investment partnerships between the two Gulf nations and foster closer cooperation on tax matters, unlock new investment opportunities, and stimulate trade activity. 

Additionally, the agreement is a key step towards diversifying national income sources and ensuring comprehensive protection for goods and services.

Al Hussaini noted that the agreement significantly strengthens economic and trade relations between our countries while providing full protection for companies and individuals from double taxation, both direct and indirect.

He further emphasized the UAE Ministry of Finance’s commitment to strengthening trade and investment ties with all partners. This includes developing clear mechanisms that inform investors about the tax implications of their business activities in countries with whom the UAE maintains strong economic ties.

Qatar’s Minister of Finance, Ali bin Ahmed Al Kuwari, echoed the sentiment, highlighting the agreement’s role in upholding international transparency standards.

“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.”

The UAE has now signed 146 double taxation avoidance agreements and 114 investment protection agreements as part of its ongoing efforts to expand global relations, enhance economic cooperation, and safeguard investments worldwide.