DUBAI, 12th June, 2023 (WAM) - The UAE, represented by the Ministry of Finance, held the second round of negotiations on the double taxation agreement on income and capital between the UAE and the Russian Federation. The negotiations follow the ministry's efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free flow of trade and investment. The meeting was held at the ministry's headquarters in Dubai.
On the sidelines of the meeting, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, met with Alexey Sazanov, State Secretary, Deputy Minister of Finance of the Russian Federation, and His Excellency TimurZabirov, Ambassador of the Russian Federation to the UAE to discuss partnership efforts to further enhance cooperation, growth and development between the UAE and Russia in areas of mutual interest.
During the meeting, Al Husseini reaffirmed the UAE's commitment to growing its friendly relations and cooperative efforts with the Russian Federation, particularly in areas of common interest across critical sectors and in a manner that serves the interests both countries. He added: "We reiterate the importance of coordination and constructive dialogue with the Russian Federation to strengthen our strategic partnerships and expand horizons for economic, financial and trade-related joint action."
The UAE's negotiations team was headed by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, along with representatives from the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company. From the Russian Federation, the meeting was attended by Alexey Sazanov, Alexander Smirnov is Deputy Director, Department of Tax and Customs Policy, Ministry of Finance, Ekaterina Vinogradova, Head of the International Tax Relations Department of the Tax Policy Department of the Ministry of Finance, and Alexandra Kadet, Head of the Transfer Pricing Department at the Federal Tax Service.
Al Khoori emphasised the importance of these dialogues in promoting bilateral relations between the UAE and the Russian Federation, especially in the financial, trade and investment sectors. His Excellency said: "The negotiations on the double taxation agreement are of paramount importance, as we aim to eliminate the barriers that hinder economic cooperation between Russia and the UAE."
He added: "The Ministry of Finance aims to expand its network of double taxation avoidance agreements pertaining to income, to promote the UAE's competitiveness and grow its trade and investment relations with all trade partners. To date, the UAE has finalised and signed 142 double taxation avoidance agreements."
Double Taxation Avoidance Agreements provide several advantages, including promoting development goals and diversifying national income sources, avoiding double taxation and tax evasion, addressing challenges of cross-border trade and investment flows, providing full protection for individuals from double taxation, as well as avoiding the obstruction of the free flow of trade and promoting investment. It also takes into account tax-related challenges and global changes, in addition to supporting the exchange of goods, services and the movement of capital.
Source: Emirates News Agency