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Five decrees on preventing tax evasion and dual taxation issued

posted on 21/05/2004: 692 views

President His Highness Sheikh Zayed bin Sultan Al Nahyan has issued five decrees ratifying agreements on preventing tax evasion and avoiding dual taxation with Austria, Sri Lanka, New Zealand, Mozambique and South Korea.

With the issuance of these decrees, the UAE has become a signatory to 43 bilateral agreements on averting dual taxation, said Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs.

Provisions of the newly ratified agreements have clarified matters related to income tax, property tax, income from immovable funds, profits from marine and air transport, and joint ventures. They also address issues relating to share profits and interest, capital profits and gains, independent and non-dependent personal services, pensions, annual payments, income to the government and its financial institutions and the elimination of double taxation.

Kharbash said that the UAE has so far concluded 43 agreements, of which 41 are now in effect, and six others relate to tax–exemption on air carrier income. The agreements have contributed towards boosting economic partnerships between the UAE and the signatory countries and in removing barriers, developing investments and bringing high technology into the country, said Kharbash.

Through these agreements, the Ministry of Finance and Industry has boosted economic, commercial and investment partnerships with the 43 countries involved. These bilateral agreements have also provided UAE investors with a number of advantages. Before concluding these pacts, the UAE's public and private investments were subject to taxes on shares, bonds, and capital profits by as much as 25 per cent of their total profits.

They also contributed towards increasing investments coming to the country, particularly in light of the economic and political stability enjoyed by the country. Due to the developed infrastructure and good investment climate in the UAE, it has become a commercial, financial and tourism hub in the region, said Kharbash.

The agreements also contributed towards increasing the volume of commercial and tourism traffic between the UAE and the respective countries. Such agreements help encourage national industry as the national air carriers wholly or partially owned by the government saw leaping profits of Dh509 million between 1996 and last year.

These profits will no longer be paid in the form of taxes to the countries which have signed these agreements. These agreements will be applied to the citizens of these countries who live in the UAE and UAE citizens who live in any of them, explained Kharbash. Under the agreement, the income from immovable funds of any expatriate living in any of the respective countries is subject to that's country's tax laws. The agreements will help encourage economy, commerce and tourism between the UAE and the signatory countries and will boost the UAE's leading position in the world, he added. (The Gulf News)


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