UAE, Kosovo sign taxation agreements

29/05/2016 05:15 AST

The UAE, represented by the Ministry of Finance (MoF), signed two final agreements on avoidance of double taxation on income and the protection and promotion of investment with the Republic of Kosovo.

The signing ceremony took place in the capital Pristina during an official visit of the UAE delegation headed by Younis Haji Al Khoori, Under-Secretary of MoF to the Republic of Kosovo.

The two agreements were signed by Younis Haji Al Khoori on behalf of the UAE. Dr Avdullah Hoti, Minister of Finance of the Republic of Kosovo signed the avoidance of double taxation agreement and Hykmete Bajrami, the Minister for Trade and Industry of the Republic of Kosovo signed the agreement on the protection and promotion of investment; in the presence of the UAE delegation and number of ministers and senior government officials in the Republic of Kosovo.

Younis Haji Al Khoori stressed the UAE’s commitment to strengthening its international relations network to attract foreign investments and increase the trade intercontinental movement.

He then said, “These agreements support in achieving the UAE’s development goals, diversifying sources of national income and supporting the growth of foreign investments as well as protecting it from any non-trade and political risks related to the transfer of profits and revenues in convertible currency. These agreements also provide full support to companies and individuals from double taxation and added value taxes whether direct or indirect.”

The UAE delegation headed by Younis Haji Al Khoori met with Isa Mustafa, the Prime Minister of the Republic of Kosovo and Petrit Selimi, Acting Foreign Affairs Minister of the Republic of Kosovo.

The Prime Minister of the Republic of Kosovo welcomed the delegation and highlighted the UAE’s strong position as a strategic partner and access to trade and investments with the GCC and South Asia.

During the meeting, Al Khoori stressed the key components and achievements of the UAE economy during the past few years, adding that the country is a trade hub and the second largest economy in the region.

He also highlighted the UAE’s experience in the innovation sector, programmes for planning and implementing public budget, as well as public sector strategy and its performance indicators.”The future projects that the UAE aims to accomplish, such as Expo 2020, provide qualitative investment opportunities for private sector in various economic development fields, primarily in construction, tourism and service sectors.”

Al Khoori stressed the importance of both countries collaboration in various economic fields and particularly in energy and renewable energy, health, agriculture as well as tourism.

The UAE official said the country has an advanced infrastructure which emphasises the country’s competitiveness level in foreign trade globally.

He added that the UAE banking sector one of the largest and strongest on a regional level, plays an important role in supporting investments.

The Gulf Today