MoF Signs a Protocol to Amend the Agreement for the Avoidance of Double Taxation with Austria

Published July 1st, 2021 - 11:43 GMT
MoF Signs a Protocol to Amend the Agreement for the Avoidance of Double Taxation with Austria
During the event
Highlights
Ministry of Finance (MoF) signed a protocol to amend the agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income with Austria.

As part of its endeavours to strengthen cooperation frameworks in tax matters, protect taxpayers from double taxation, and avoid impeding the flow of trade and investment, the Ministry of Finance (MoF) signed a protocol to amend the agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income with Austria. The agreement was previously signed between the UAE Government and Austria in September 2003.

​His Excellency Obaid Humaid Al Tayer, Minister of State for Financial Affairs, signed the agreement on behalf of the UAE, while Austrian Finance Minister Gernot Bluemel, signed it on behalf of Austria. The signing took place today, in the presence of His Excellency Dr. Andreas Liebmann, Ambassador of the Republic of Austria to the United Arab Emirates; Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations at MoF; and officials from both parties.

His Excellency Obaid Al Tayer stressed on the importance of consolidating the financial, economic and investment relations between the UAE and Austria, in order to support the common interests of both countries. His Excellency said: “The UAE will continue to strengthen joint cooperation in all fields that benefit the peoples of both countries and enhance the comprehensive and sustainable development process. The signing of this protocol boosts the bilateral economic relations between the UAE and Austria in tax matters.”

Through this protocol, both parties aim to avoid double taxation with respect to taxes on income, without creating opportunities for non-compliance with the tax system or reduced tax through tax evasion or avoidance.

During the meeting, both parties deliberated means of bolstering bilateral relations between both countries and enhancing joint cooperation in various fields, and exchanged views on several international issues of common interest.

Background Information

UAE Ministry of Finance

The UAE Ministry of Finance (MoF) is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. Among its core responsibilities are the preparation and allocation of the Federal Budget and the management of the government’s financial position.

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