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| UAE Expands Its Tax Treaty Network |
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, June 15, 2010
The United Arab Emirates (UAE) Ministry of Finance has announced the signing of conventions
for the avoidance of double taxation and fiscal evasion with Venezuela on June
8, and with the Netherlands on June 2. The UAE also initialed an additional
double tax agreement with Libya on June 10 in the second round of negotiations
with the country.
The agreement with Venezuela, which covers all types of taxes on income and
capital, is the first that the United Arab Emirates has concluded with a Latin
American state. The Ministry said the move signals the start of negotiations
with other countries in the continent as part of its efforts to expand the UAE’s
tax treaty network.
“This agreement is in line with our efforts to strengthen UAE’s
economic and investment cooperation with all countries of the world. In addition
to improving investment climate and economic development, it also confirms UAE’s
lead in of double taxation avoidance agreements in the region,” Ministry
of Finance Director-General, Younis Haji Al Khoori commented of the signing.
In respect of the agreement with the Netherlands, the Ministry said, upon
entry into force, it will lay down a beneficial legal framework wherein economic
activity will be subject to lower tax rates, namely: the Netherlands will apply
a 0% withholding tax rate for dividends paid to government-owned United Arab
Emirates entities, and a reduced rate of 5%, from 15% currently, will be applied
to non-government entities, the Ministry said.
As with all double tax conventions, the agreements will lay a legal framework
codifying the participant country’s taxing rights, preventing individuals’
and companies’ income and profits from being taxed twice facilitating
increased bilateral economic activity.
Double tax agreements that have been signed require ratification by the legislative
assemblies of both countries before they can enter into force. The agreement
between the UAE and Libya remains to be signed.
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