Finance Ministry of UAE Sign Agreements to Remove Double Taxation

During the World Governments Summit (WGS) 2024 held in Dubai, the UAE Ministry of Finance signed agreements with Kuwait and Bahrain, as well as with Egypt and the World Bank. These agreements aim at encouraging and protecting investments, avoiding double taxation, additional taxes, indirect taxes, and tax evasion, and addressing the challenges of cross-border trade and investment flows.

Moreover, these agreements also keep pace with global changes in the economy and financial sectors, new financial instruments, and transfer pricing mechanisms. They promote the exchange of goods and services and the movement of capital while boosting developmental goals and diversifying the national income sources for the UAE.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said that these agreements are significant as they increase investment opportunities and encourage trade exchange while ensuring transparency and fairness and enhancing the national economy through strengthening strategic partnerships with various countries and the World Bank.

The ministry also signed a second renewal agreement with the World Bank Group for the payable advisory services agreement between the UAE and the International Bank for Reconstruction and Development. This deal serves as an umbrella for technical support services agreements to be signed between federal and local entities in the country to benefit from the technical support services provided by the World Bank. Mohamed Hadi Al Hussaini and Ajay Banga, President of WBG, signed the deal.