UAE and Jordan sign agreement on avoidance of double taxation

The United Arab Emirates, represented by the Ministry of Finance, MoF, has signed an agreement on the avoidance of double taxation and tax evasion on income with the Kingdom of Jordan.

The agreement aims to enhance joint cooperation in economic and tax fields, and encourage investment activities and trade exchange between both countries. The signing ceremony took place alongside the ‘Joint Annual Meeting of the Arab Financial Institutions’, which was held last week in Bahrain.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Omar Zuhair Abdelfattah Malhas, Jordanian Minister of Finance signed the agreement at a ceremony, which was attended by Younis Haji Al Khoori, Under-Secretary at MoF, Dr. Ezzedine Kanakrieh, Secretary-General of the Kingdom of Jordan, as well as the UAE and Jordanian delegations who were participating in the ‘Joint Annual Meeting of Arab Financial Institutions’.

Al Tayer stressed the importance of signing similar agreements to enhance the investment environment and develop trade relations between the two countries. He also highlighted that the agreement on tax exemption for air transport between the two parties will remain in effect.

He said, "Ministry continues to strengthen the UAE’s relations with different countries across the globe, and expand its network of agreements on the avoidance of double taxation and tax evasion on income, due to their role in protecting and encouraging investment on a global level. The ministry also works on establishing direct communication with prominent Emirati investors’ abroad as well as local airlines to discuss prominent ways to protect and encourage investment within the country.

He added, "The agreement with the Kingdom of Jordan is an addition to a series of agreements to further economic, trade and investment relations between the two countries. This is considered as an example of joint Arab economic work, and is reflected in the growth witnessed through trade and investment exchange between countries".

The UAE has signed a number of agreements with the Kingdom of Jordan, including the encouragement and protection of investment agreement in 2009. The agreement aims to encourage Emirati and Jordanian businessmen to invest in both countries by providing them with the necessary foundations to motivate and increase trade and investment activities.

Source:WAM