UAE signs agreement with Republic of Fiji to eliminate double taxation on income
- United Arab Emirates: Tuesday, September 04 - 2012 at 13:10
- PRESS RELEASE
The UAE signed a final agreement to eliminate double taxation on income with the Republic of Fiji. The agreement was signed by HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance (MoF) on behalf of the UAE, whilst Mr. Filimone Waqabaca, Permanent Secretary for Finance, signed on behalf of the Republic of Fiji.
This reflects MoF's commitment to strengthen financial relations globally and to contribute to the full protection of direct or indirect double taxation holders.
The agreement falls in line with the UAE's efforts to support the process of opening up to the global economy through the promotion of the free movement of production factors, increasing the investment opportunities and encouraging import and export operations, as well as avoiding the obstruction of free flow of trade and investments. It also aims to enhance the economic climate between the UAE and Fiji in addition to promoting the development goals of the UAE at the local level.
Commenting on the signing of this agreement, H.E. Younis Haji Al Khouri said: "The signing of the agreement to avoid double taxation between the UAE and the Republic of Fiji is an important step we have made to strengthen bilateral relations between both countries in the economic and financial sectors."
"This agreement falls within the framework of MoF's efforts to consolidate and strengthen the economic and investment cooperation between the UAE and countries globally. These agreements have a positive effect on protecting and guaranteeing the investment, trade and economic cooperation between the countries. In addition, they provide significant benefits to the citizens of the UAE, companies, sovereign funds, private sector institutions, individuals residing in the UAE and federal and local institutions as well as state-owned national airlines that become exempt from all types of taxes" added Al Khouri.
It is worth mentioning that the UAE has signed 63 effective agreements on double taxation in order to strengthen its regional and international role through the creation of a unique investment climate for public and private sectors. In addition, it developed the air transport sector and increased bilateral trade and tourism while contributing to achieving mutual economic and social development.
Furthermore, the double taxation agreements help to diversify the sources of national income and increasing the volume of inward investment. They focus on tax-related matters, prominent changes witnessed by the economic and financial sector, as well as new financial instruments and mechanisms of transfer pricing, the removal of most forms of tax discrimination and the reduction of some of the taxes that were imposed on foreign investors.
Moreover, these agreements provide a package of normative acts to divide taxable profits between countries and faces tax evasion in addition to creating a framework for resolving disputes. They also provide a stable tax environment for foreign investors, leading to increased international competitiveness of the economy.
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