Ministry of Finance signs double taxation avoidance agreement with Tanzania

The Ministry of Finance signed an settlement to keep away from double taxation and forestall monetary evasion with regard to taxes on revenue with the United Republic of Tanzania, on the headquarters of the Ministry of Finance in Dubai, as a part of its efforts to boost frameworks for cooperation in tax issues, present full safety for taxpayers from double taxation and keep away from impeding the free circulate of commerce and funding.

His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Monetary Affairs, signed the settlement on the UAE aspect, whereas it was signed by Dr. Muigolo Limak Nchampa, Minister of Finance and Planning, on behalf of the United Republic of Tanzania, within the presence of Mr. Abdullah Ahmed Al Obaidli, Director of Worldwide Monetary Relations and Organizations Division, and various officers from either side.

His Excellency Mohammed bin Hadi Al Husseini harassed the significance of consolidating the monetary, financial and funding partnership between the UAE and the United Republic of Tanzania, in step with the efforts of the 2 international locations in consolidating coordination and cooperation within the tax fields, rising funding alternatives and inspiring commerce alternate, in addition to selling growth targets by diversifying sources of nationwide revenue. and supply full safety for items and providers.

His Excellency mentioned: “The Ministry of Finance is eager to proceed strengthening its commerce and funding relationship with all buying and selling companions by organising mechanisms that designate to traders the monetary standing of their operations in business, financial and monetary actions and some other actions in international locations with which the nation has energetic financial relations.” In the course of the assembly, the 2 sides mentioned methods to develop bilateral relations between the UAE and the Republic of Tanzania. In addition they agreed on the necessity to proceed deepening frameworks of cooperation and joint work in numerous fields, along with exchanging views on various worldwide problems with widespread concern.

It’s noteworthy that double taxation avoidance agreements present a number of benefits, most notably, selling growth targets, diversifying the nation’s sources of nationwide revenue, avoiding double taxation and tax evasion, dealing with the challenges of cross-border commerce and funding flows, offering full safety for people from double taxation, and avoiding obstruction of free circulate. Commerce and funding promotion, in addition to considering tax challenges and conserving tempo with international adjustments, along with stimulating the alternate of products and providers and the motion of capital.

It’s price noting that the variety of double taxation avoidance agreements that the UAE has lastly signed reached 139 agreements up to now.

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