The UAE Ministry of Finance inked agreements with Kuwait, Bahrain, the World Bank, and Egypt regarding the promotion and defense of investments and the avoidance of double taxation. The signings took held under the topic of “Shaping Future Governments” on the fringes of the World Governments Summit (WGS) 2024 in Dubai.
The agreements seek to further development objectives, diversify the UAE’s national revenue streams, prevent double taxation, extra taxes, indirect taxes, and tax evasion, and deal with the difficulties associated with cross-border investment and trade flows. The agreements also consider tax issues, stay up to date with developments in the financial and economic sectors worldwide, new financial instruments, transfer pricing techniques, and promote capital flows and the interchange of products and services.
Mohamed Hadi Al Hussaini, the Minister of State, stated: “These agreements stem from the ministry’s commitment to achieving transparency and fairness and enhancing the national economy through strengthening strategic partnerships with various countries and the World Bank, and expanding the frameworks of cooperation in different economic and financial fields, contributing to the increase of opportunities and development of joint investments.”