UAE Investment, Tax Treaties Await Lebanon Ratification

Published June 25th, 2000 - 02:00 GMT

The UAE-Lebanon investment promotion and dual taxation treaties have been submitted to the Lebanese parliament for ratification, reported the English daily Gulf News, quoting Lebanese finance minister, Georges Corm.  

Following a meeting in Beirut with Emirati minister of state for finance and industry, Mohammed Khalfan bin Kharbash, Corm said all obstacles to the treaties have been cleared.  

He was responding to a question on objections by the Lebanese private sector that some articles, especially those dealing with goods manufactured by both countries, favored the UAE.  

Corm also said a Lebanese delegation has gone to Rome to respond to charges by the Paris-based Financial Action Task Force on Money Laundering that Lebanon is not doing enough to tackle illicit funds, said the paper.  

Talks with Kharbash, according to Corm, revolved around Lebanese financial reforms following the liberation of the south, the comprehensive economic development plan, and UAE support for the Lebanese economy, added the paper.  

"Beirut will organize a conference of donor countries either before July-end or September. Lebanon is always confident of Arab countries' cooperation," he said.  

Kharbash said the dual tax and investment treaties would pave the way for a legal framework and increase investment by the UAE private and government sectors and other countries.  

From 1997 to 1999, the UAE and Lebanon signed four treaties on investment, dual taxation, air services and a free trade zone, said the paper.  

To help ensure monetary stability in Lebanon, the UAE has deposited $100 million in the Lebanese Central Bank, according to the paper - Albawaba.com  

 

 

© 2000 Al Bawaba (www.albawaba.com)

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