The UAE and Russia hold the final round of negotiations for an agreement to avoid double taxation

DUBAI, 17 JANUARY / WAM / The United Arab Emirates, represented by the Ministry of Finance, held the final round of negotiations regarding signing an agreement to avoid double taxation on income and capital, with the Federal Republic of Russia. At the end of the round, the draft agreement was signed in initials.
A press statement issued by the Ministry of Finance today said that holding the tour comes within the framework of the UAE’s keenness to enhance economic and tax cooperation, and provide a stimulating business environment that guarantees the rights of taxpayers and protects them from double taxation, and encourages investment and the free flow of trade.
The UAE team participating in the negotiations, which were held at the Ministry of Finance office in Dubai, was headed by His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry, in the presence of Shabana Aman Khan Begum, Executive Director of the Tax Policy Sector at the Ministry, while the Russian side was headed by His Excellency Alexei Sazanov, Deputy Minister of Finance.
The agreement aims to provide a stable tax environment that encourages investment and trade between the two sides, and reduce tax obstacles that investors may face. It also contributes to avoiding double taxation on individuals and companies, enhancing confidence among foreign and local investors, and encouraging an increase in the volume of joint investments, in addition to supporting… Efforts aimed at strengthening economic and trade relations between the UAE and Russia, which enhances opportunities for economic growth and the exchange of experiences and technologies between institutions and companies in the two countries, and stimulates trade and financial relations in the long term.
Al-Khoury said that these negotiations come within a series of meetings aimed at strengthening the investment environment and removing tax obstacles that individuals and companies may face in the two countries, and that signing the agreement to avoid double taxation with Russia represents a strategic step towards strengthening economic relations between the two countries. The agreement will provide a clear and stable legal framework that supports investors and stimulates trade exchange, which contributes to enhancing confidence and attracting foreign and local investments.
He expressed his aspiration that this agreement would contribute to supporting economic growth and opening new horizons for cooperation in multiple fields, stressing that it reflects the UAE’s commitment to providing a stable tax environment that encourages investment, thus enhancing its position as a preferred destination for international investors.
Double taxation avoidance agreements provide a number of advantages, as they contribute to enhancing development goals and diversifying the country’s sources of national income, avoiding double taxation and tax evasion, confronting the challenges of cross-border trade and investment flows, providing full protection for individuals from double taxation, and avoiding obstruction to the free flow of trade. And enhancing investment, as well as taking into account tax challenges and keeping pace with global changes, in addition to supporting the exchange of goods and services and the movement of capital.

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