MoF organises meeting on tax legislation

31/10/2017 05:46 AST

In line with its efforts to enhance cooperation in implementing tax legislation and to train employees in the taxation field, the Ministry of Finance (MoF) on Monday hosted a breakfast working session for ambassadors of a number of African countries in the UAE.

The session was attended by Younis Haji Al Khoori, Under-Secretary of the MoF, and Ali Hamdan Ahmed, Director of the International Relations and Financial Organisations Department at the ministry.

The session was held in collaboration with the ambassadors from Sierra Leone, Mauritania, Swaziland, South Africa, Djibouti, Ethiopia, Sudan, South Sudan, Morocco, Angola, Nigeria, Mozambique, Uganda, Libya, Senegal, and Algeria.

Al Khoori emphasised the positive outcomes of tax agreements on the national economy, and their pivotal role in diversifying sources of national income by attracting foreign direct investment, and creating an attractive investment climate for Sovereign Wealth Fund (SWF) investments in target countries. “Tax agreements support the national economy, and fuel the development of the air transport industry by exempting national airlines operating in international transport from all types of taxes, which in turn will reduce operational costs and increase their profitability,” he said.

Al Khoori highlighted the importance of tax agreements in the development of tourism and exports, which also fortify the UAE’s position on the international trade map, in terms of diversification and structuring of trading partners, and increasing FDI inflows to capital-intensive countries. He also addressed the role of tax conventions in supporting the UAE’s strategy for trade and investment, protecting investments against all non-commercial risks, as well as their contribution to the conversion of profits of air carriers operating in countries with foreign exchange obstacles into fully-convertible currency.

“The tax agreements work to strengthen the investment climate in targeted countries, which benefit from attractive investment prospects. It is by these agreements that we aim to gain key investment opportunities, along with serving Sovereign Funds and the UAE’s International Investors’ Council by offering tax reductions or exemptions on investments and on direct and indirect tax profits,” Al Khoori added.

The Gulf Today