UAE has signed a Double Taxation Agreement (DTA) with Jamaica for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
The objectives of DTAs are to provide full protection to taxpayers against double taxation and to allow for the free flow of international trade or cross-border transactions and investments, as well as the transfer of technology.
According to the statement, the perceived benefits include the clarification of the taxing rights of each state, avoidance of double international juridical taxation, and the prevention of fiscal evasion with anti-avoidance provisions.
Jamaica’s Minister of Finance and the Public Service, Dr. Nigel Clarke, and Ambassador of the UAE to Jamaica, His Excellency Bader Abdullah Saeed Almatrooshi, signed the agreement.
“We hope that the signing of this agreement will be a signal to investors in Jamaica and investors in the United Arab Emirates that the vision we have for a shared future between the UAE and Jamaica is one of friendship and prosperity, trade, economic relations, and investment,” Dr. Clarke said.
Jamaica currently has double taxation agreements with 15 other countries, Canada, China, Denmark, France, Germany, Israel, Italy, Japan, Mexico, Norway, Spain, Sweden, Switzerland, the United Kingdom, and the USA.
For his part, the Ambassador thanked Jamaica for its support, noting that “this signing is a very important agreement between the two countries and the possibilities of this agreement are endless.”
Recently, UAE’s Ministry of Finance (MoF) signed an agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income with Tanzania, as part of its endeavors to strengthen cooperation frameworks in tax matters, protect taxpayers from double taxation, and avoid impeding the flow of trade and investment.