Eswatini (formerly Swaziland) announced on Tuesday, 20 August 2024, that it had initiated talks with the United Arab Emirates for an income and capital tax treaty.
Ministers Pholile Shakantu, Neal Rijkenberg, and Manqoba Khumalo have met with UAE officials to complete negotiations for an agreement on the avoidance of double taxation and the prevention of fiscal evasion regarding taxes on income and capital.
The meeting, which took place at the UAE Ministry of Finance offices in Abu Dhabi, was also attended by Eswatini Investment Promotion Authority CEO Sibani Mngomezulu, Eswatini’s Ambassador to the UAE Sifiso Dlamini, Counsellor Nonhlanhla Dlamini and Ministry of Foreign Affairs’ Zandile Dlamini.
This agreement seeks to, among other things, promote the flow of mutual promotion and facilitation of Investment to strengthen and intensify economic cooperation. A joint investment committee will be created, and meetings will be held once a year in either Eswatini or the UAE.
Any resulting treaty will be the first of its kind between the two countries and must be finalised, signed, and ratified before entering into force.
If an income tax treaty is signed, it will be the first between Eswatini and UAE and must be finalised, signed, and ratified before it can take effect.
