The United Arab Emirates has a strong interest in protecting and encouraging investment. There are 58 agreements signed by the United Arab Emirates with countries that represent investment opportunities. Negotiations with the other five countries are not yet complete. The United Arab Emirates has signed an agreement with the U.S. government to improve international tax compliance under the Foreign Account Tax Compliance Act (FATCA). The Ministry of Finance (MoF) organized with a team made up of representatives from different departments, namely the Ministry of Foreign Affairs (MOFA) and the Abu Dhabi Investment Authority (ADIA), and appointed it the Department of International Financial Relations and Organizations. This group has a responsibility to negotiate agreements to avoid double taxation with nations and to pursue them. Double taxation pays twice taxes for the same salary. If you are twice in two different countries, that is what happens.

This is where the double taxation convention comes in, which ensures that you are not taxed twice at the same time in different countries or countries for the same income. “The United Arab Emirates is a leading country in terms of agreements to avoid double taxation. These agreements have a positive effect on investment promotion, economic cooperation and trade between the United Arab Emirates and other countries. The number of such agreements signed by the United Arab Emirates with different countries has now reached 49.¬†Agreements that have been dealt with and have been the subject of ongoing discussions with other countries contribute to achieving an economic balance. In line with the G20 decisions, MoF is very interested and is committed to implementing the highest standards of transparency and information exchange for tax purposes. These include the conditions that coincide with the agreements, all to avoid double taxation with the UAE`s economic and trading partners. Khalid Al Bustani, Executive Director of International Financial Relations at the UNITED Arab Emirates Ministry of Finance, commented on the draft agreement as follows: “This agreement is about creating and thinking about a partnership that deals with tax issues, which strengthens the reputation of the United Arab Emirates as MENA`s information exchange training centre and is the country with a network of qualified and active tax experience. Investment protection is in the interest of the United Arab Emirates and signs 58 agreements to protect and encourage investment. These agreements were concluded between the United Arab Emirates, 25% of the world`s nations and most of its trading partners. Tax transparency is an essential issue that should be taken into account by the countries of the world. International tax evasion and evasion have raised concerns. The United Arab Emirates Ministry of Finance (MF) is working to take permanent action to address these obstacles that most nations face.

The MoF has agreements with countries to achieve transparency, fairness and protection of the economy. MoF has signed a Memorandum of Understanding with the Organisation for Economic Co-operation and Development (OECD). These days, the United Arab Emirates broadcasts its network on five continents and has 94 agreements. This covers most of the UAE`s trading partners.