DUBAI, UAE – UAE and Tanzania have signed an agreement for avoiding double taxation and preventing tax evasion.
The pact was signed as part of the UAE’s endeavors to strengthen cooperation framework in tax matters, protect taxpayers from double taxation and avoid impeding the flow of trade and investment.
UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini and Tanzania Minister of Finance and Planning Dr. Mwigulu Lameck Nchemba signed the agreement.
The pack was inked at the ministry’s headquarters in Dubai, in the presence of Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organizations at the MoF and officials from both the countries.
Al Hussaini stressed on the importance of consolidating the financial, economic and investment relations between the UAE and Tanzania.
This comes in line with both countries’ efforts to boost cooperation in tax fields, increase investment opportunities, encourage trade exchange and promote development goals by diversifying sources of national income and providing full protection for goods and services.
Al Hussaini said, “The Ministry of Finance will continue to strengthen trade and investment ties with all its trade partners. This is by devising mechanisms that explain to investors the financial status of their operations in commercial, economic and financial activities and any other activities in countries with which the UAE has active economic relations.”
Both sides deliberated on means of bolstering bilateral relations and agreed to continue enhancing joint cooperation and work in various fields.
They also exchanged views on global issues of common interest.
Avoidance of double taxation serve several purposes.
They promote development goals of the UAE, diversify its sources of national income and prevent fiscal evasion, remove the difficulties relating to cross-border trade and investment and offer full protection to taxpayers from double taxation.
To date, the United Arab Emirates has concluded 139 Avoidance of Double Taxation Agreements.