MoF organises workshop on double taxation agreements

The Ministry of Finance, MoF, has organised a workshop titled ‘Practical Application for the Avoidance of Double Taxation Agreements’, in cooperation with the Organisation for Economic Cooperation and Development, OECD.

The workshop was held in the presence of Yousuf Mohammed bin Hajar, Deputy Director of International Financial Relations Department at MoF, and more than 60 representatives from the MENA region, and related local and federal entities. Bin Hajar welcomed the attendees and highlighted the importance of their participation in the training on international avoidance of taxes and tax agreements. He also commended the strong cooperation which connects the UAE with OECD in tax areas.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance said that this workshop is part of a regional cooperation initiative to provide a series of seminars on international taxes.

Previously, the MoF and the OECD signed a memorandum of understanding for the period 2016-2018, during which technical assistance in relation to tax agreements and other matters related to international taxes in the Middle East, Africa and Asia are to be provided, while keeping the countries of the region informed and up-to-date on the developments in tax policies and best practices on this matter.

Al Khoori praised the economic and trade relations between the UAE and the countries of the region, adding that the MoF adheres to promote all areas of common interest consistently.

"The Ministry of Finance's strategy has been effective in negotiating agreements on the avoidance of double taxation on income, where 113 agreements were signed, including the country’s trading partners. The ministry achieves economic balance with these countries by exempting or reducing taxes on sovereign investment funds, private sector institutions and national airlines operating internationally," he continued.

The workshop addressed a number of significant tax issues, including the multilateral convention to implement tax treaty-related measures to prevent base erosion and profit shifting, and the latest developments on the agreements on avoidance of double taxation on income. Participants also discussed cross-border taxation and digital transactions among other topics related to the subject matter.