UAE And Russia Finalise Negotiations For Double Taxation Avoidance Agreement To Boost Economic Ties

The United Arab Emirates, through its Ministry of Finance, has successfully wrapped up the final negotiations for a Double Taxation Avoidance Agreement with Russia. This achievement highlights the UAE's dedication to enhancing economic and tax cooperation. The agreement aims to create a business-friendly environment that safeguards taxpayer rights, prevents double taxation, and encourages investment and trade.

The discussions took place at the Ministry's offices in Dubai, culminating in the initial signing of the draft agreement. Younis Haji Alkhoori, Under-Secretary of the Ministry of Finance, led the UAE delegation. Shabana Aman Khan Begum, Executive Director of the Tax Policy Sector at the Ministry of Finance, also participated. Alexey Sazanov, Deputy Minister of Finance of Russia, headed the Russian delegation.

This agreement seeks to establish a stable tax framework conducive to investment by removing tax barriers that could deter investors. It aims to prevent double taxation for both individuals and businesses. By doing so, it enhances confidence among foreign and domestic investors alike and encourages joint investments. The agreement supports efforts to bolster economic and trade relations between the UAE and Russia.

Younis Haji Alkhoori remarked on the significance of these negotiations as part of broader efforts to improve the investment climate by eliminating tax hurdles for individuals and businesses in both countries. "Signing the double taxation avoidance agreement with Russia represents a strategic step towards strengthening the economic ties between the two nations," he stated. "This agreement will provide a clear and stable legal framework that supports investors and stimulates trade exchange."

The agreement is designed to open new opportunities for economic growth by facilitating expertise and technology exchanges between institutions in both countries. It aims to promote sustainable trade and financial ties over time. Additionally, it reflects the UAE’s commitment to providing an investment-friendly tax environment, reinforcing its status as a preferred destination for international investors.

Alkhoori expressed confidence that this agreement would contribute significantly to economic growth while opening new avenues for cooperation across various sectors. He added that it would foster confidence among investors by offering a stable legal framework that attracts both foreign and domestic investments.

This milestone marks an important step in strengthening economic ties between the UAE and Russia. It sets a foundation for increased collaboration in various fields while ensuring a favourable environment for investors from both nations.

With inputs from WAM