Benefits of UAE Double Taxation Avoidance Agreements seminar held at Dubai Chamber

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The seminar, that was represented by Mr. Atiq Juma Nasib, Director of Commercial Services Department, Dubai Chamber, had key speakers from Paris and the UAE including Mr David Partington, Principal Administrator from Organisation for Economic Cooperation and Development (OECD), Paris, Mr David Stevens, and Mr David Smith, Tax Partners from Price Water House Coopers (PWC) UAE, and was attended by a large number of company representatives and businessmen from the country.

The speakers, during their presentations, highlighted the importance of the Double Taxation Avoidance Agreements (DTAAs) in the smooth inflow of foreign investment, and capital, in view of the UAE's signing of the agreement with many countries in order to protect its investors from direct or indirect double taxation and how these agreements contribute in enhancing the commercial and economic relations between countries and how they broaden investment opportunities for the business community locally and internationally.

Mr. Atiq Juma Nasib, Executive Director, Commercial Services Department, Dubai Chamber, in his welcome speech stressed upon the benefits of double

taxation avoidance agreements on incomes for both public and private sectors which form the core of the strategic partnership between the Ministry of Finance and the private sector in the country.

Said Atiq: 'The hosting of this seminar on double taxation avoidance agreements by Dubai Chamber falls in line with its mission to represent, support and protect the interests of the business community in Dubai and to create a thriving business environment in the emirate. As we represent the business community in Dubai, we welcome the agreements as they provide our members of the business community immense benefits in their trading activities. In the long run, these agreements are bound to have a positive effect on the economic growth in the UAE in general and Dubai in particular.'

On his part, HE Khalid Al Bustani, Executive Director of Budget and International Relations, UAE Ministry of Finance, spoke on the strategic partnership between the Ministry of Finance and the private sector in the UAE, saying that the Ministry of Finance signed bilateral agreements with many countries to achieve the balance of trade, reduce the cost of the operation of foreign investments and increase efficiency.

Said Al Bustani,

'This strategy of signing of the double taxation avoidance agreement with most of the UAE's trading partners, started in 1989 through the conclusion of an agreement with the Republic of France and spread to 47 countries this year,' he said adding, 'These agreements provide benefits to avoid double taxation for many public and private sector organisations, and include the reduction of taxes on dividends and tax-exempt deposits after it was subject to tax, and exemption from capital gains taxes, exemption of freight taxes for national airlines and shipping companies, in addition to attracting foreign investment, and the movement of capital to the UAE.'