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| UAE Seminar Focuses On Italian DTA |
Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, November 30, 2010
The UAE Ministry of Finance has organized a joint seminar on the Italy-UAE Double Taxation Agreement with the Italian Business Council Dubai and Northern Emirates (IBCD) in Dubai. The event was supported by the Ministry of Finance International Financial Relations department aimed at strengthening public and private sector partnership with Italian business operators in the UAE.
The Ministry of Finance’s panel of high profile co-speakers were Dr Hamid Nasr, Economic Consultant at the Ministry of Finance, David Partington, Organization for Economic Cooperation and Development (OECD) and Majid Ali Omran, Director of International Financial Relations at the Ministry of Finance. The panel gave an overview on strategic development of UAE economic policy development, the principles of the double taxation treaties and in particular the double taxation treaty between UAE and Italy. Dr Nasr said: “Double taxation agreements have a value superior to the ordinary law and prevent an individual from paying tax twice in two different countries – or none at all in either. Basically the agreements situate the individual/company and define which country will collect”. Dr Molinari said: “The articles of the Double Taxation agreement between UAE and Italy are not very known to our community and it is necessary to create more awareness”. David Partington contributed to the discussion and explained: “There is not yet in existence a double taxation treaty valid for all [the] European Union as each country is free to regulate its economic relations with third countries.” The Italian Business Council Dubai & Northern Emirates (IBCD) council is a non-profit organization established in 2003 under the auspices of the Dubai Chamber.
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