September 05, 2012

UAE, Fiji sign deal to eliminate double taxation

(Wam) / 4 September 2012

The UAE on Mondayay signed a final agreement to eliminate double taxation on income with the Republic of Fiji.

Younis Haji Al Khouri, Undersecretary of the Ministry of Finance (MoF) from UAE, and Filimone Waqabaca, Permanent Secretary for Finance, on behalf of the Republic of Fiji signed the agreement here in Abu Dhabi.

The agreement aims to bolster the economic ties, endorse import and export operations and enhance trade development between the two countries. This reflects MoF’s commitment to strengthen financial relations globally and to contribute to the full protection of direct or indirect double taxation holders.

The agreement falls in line with the UAE’s efforts to support the process of opening up to the global economy through the promotion of the free movement of production factors, increasing the investment opportunities and encouraging import and export operations, as well as avoiding the obstruction of free flow of trade and investments. It also aims to enhance the economic climate between the UAE and Fiji in addition to promoting the development goals of the UAE at the local level.

Commenting on the signing of this agreement, Younis Haji Al Khouri said: “The signing of the agreement to avoid double taxation between the UAE and the Republic of Fiji is an important step we have made to strengthen bilateral relations between both countries in the economic and financial sectors.”

“This agreement falls within the framework of MoF’s efforts to consolidate and strengthen the economic and investment cooperation between the UAE and countries globally. These agreements have a positive effect on protecting and guaranteeing the investment, trade and economic cooperation between the countries. In addition, they provide significant benefits to the citizens of the UAE, companies, sovereign funds, private sector institutions, individuals residing in the UAE and federal and local institutions as well as state-owned national airlines that become exempt from all types of taxes” he added.

It is worth mentioning that the UAE has signed 63 effective agreements on double taxation in order to strengthen its regional and international role through the creation of a unique investment climate for public and private sectors.

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