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MoF signs agreement with the Republic of Cameroon

The Gulf Today | July 17, 2017
 The Islamic Chamber of Commerce , Industry and Agriculture (ICCIA)

The Ministry of Finance (MoF), signed a final agreement for the avoidance of double taxation with the Republic of Cameroon at the Ministry’s premises in Dubai on Sunday. The agreement comes in line with the Ministry’s strategy to strengthen bilateral trade and economic relations between the two countries, in order to expand its network of international relations and tax agreements abroad.

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs; and Ousmane Mey Al Amine, Minister of Finance of the Republic of Cameroon; in the presence of Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations at MoF and a number of executives from the Ministry.

Obaid Humaid Al Tayer stressed the importance of the agreement for its vital role in creating a legal framework that supports economic openness and the free movement of factors of production, encouraging trade and creating an attractive environment for foreign investments. HE said: “The double taxation agreements are important for the UAE, allowing national air carriers to be exempt from taxes and government investments from origin-based taxes. The agreements also exempt government investments from capital taxes and help to reduce tax burdens on private sector investments.” MoF has signed 173 bilateral agreements on the avoidance of double taxation and the encouragement and protection of investments with countries across the world. The Ministry is committed to implementing the highest economic standards of transparency and the exchange of information for tax purposes, as per G20 decisions, as well as the terms and conditions of all agreements for the avoidance of double taxation with the UAE’s key economic and trading partners.

Meanwhile, Foreign investors’ purchases at Abu Dhabi Securities Exchange, ADX, amounted to Dhs2.114 billion in June 2017, accounting for %55.4 of total buy trades, with their sales staying at Dhs1.871 billion, comprising %49.1 of total sell trades, bringing to Dhs243 million the net foreign investments at ADX during the month. In the meantime, institutional investments for the same period have reached Dhs151 million.

ADX General Index in June dropped by 0.04 per cent to 4425 points, with the energy sector posting the highest growth at 37.12 per cent, followed by the real estate sector at 0.85 per cent , telecommunications sector at 0.58 per cent, and insurance sector at 0.27 per cent.