UAE, Russia sign double taxation avoidance draft agreement to boost economic cooperation

The UAE Ministry of Finance representatives have concluded the final round of negotiations with the Russian Federation on an agreement to avoid double taxation on income and capital. This highlights the UAE's commitment to strengthening economic and tax cooperation, creating a favorable business environment to protect taxpayer rights, prevent double taxation, and encourage the smooth flow of investment and trade.

The negotiations took place at the Ministry of Finance's offices in Dubai and concluded with the initial signing of a draft agreement. The UAE delegation was led by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and included Shabana Aman Khan Begum, Executive Director of the Tax Policy Department at the Ministry of Finance. The Russian delegation was led by Alexei Sazanov, Deputy Minister of Finance of the Russian Federation.

The purpose of the agreement is to establish a stable and investment-friendly tax framework, removing tax barriers that may hinder investors and preventing double taxation for individuals and businesses. It aims to enhance the confidence of domestic and foreign investors, promote increased joint investments, and support the strengthening of economic and trade relations between the UAE and Russia.

Furthermore, the agreement seeks to open new avenues for economic growth, facilitate the sharing of expertise and technology between institutions and companies in both countries, and promote sustainable trade and financial ties in the long term. Younis Haji Al Khoori emphasized, "These negotiations are part of a series of efforts aimed at improving the investment environment and eliminating tax barriers for individuals and businesses in both countries."

He further stated, "The signing of the double taxation avoidance agreement with Russia is a strategic step towards strengthening economic ties between the two countries. This agreement will provide a clear and stable legal framework, supporting investors and stimulating trade, thereby enhancing confidence and attracting domestic and foreign investment. We believe this agreement will contribute to economic growth and open new avenues for cooperation in various fields. It also reflects the UAE's commitment to providing a stable, investment-friendly tax environment, thus solidifying its position as a preferred destination for international investors."