The Qatar News Agency, in a press release, said that Qatar and the United Arab Emirates signed an income tax treaty on Thursday, 30 May 2024. This treaty is the first between the two Persian Gulf monarchies.
The agreement aims to eliminate double taxation, avoid fiscal evasion-related income taxes, promote commercial cooperation, and boost investment opportunities for individuals and government entities.
The agreement was signed by Qatar’s HE Minister of Finance, Ali bin Ahmed Al Kuwari, and the UAE’s HE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini.
During this signing event, HE Ali bin Ahmed Al Kuwari stressed the importance of this agreement and its effective role. “The agreement will contribute to supporting international standards of transparency through the exchange of documented financial information, which comes in light of strengthening bilateral economic relations between the two countries.”
“The UAE Ministry of Finance is keen to strengthen its trade and investment relations with all partners by developing mechanisms that clarify to investors the status of their operations in trade, economic, and financial activities and any other activities within the countries that have an active economic relation with the UAE,” said HE Mohamed bin Hadi Al Hussaini.
The treaty will enter into force after the exchange of the ratification instruments.
