The United Arab Emirates, through the Ministry of Finance, has successfully concluded the final round of negotiations for a Double Taxation Avoidance Agreement concerning income and capital with the Russian Federation. This significant achievement highlights the UAE’s dedication to enhancing economic and tax cooperation. The agreement aims to create a business-friendly environment that safeguards taxpayers’ rights, prevents double taxation, and encourages investment and trade.

The negotiations took place at the Ministry’s offices in Dubai and resulted in the initial signing of the draft agreement. Leading the UAE delegation was Younis Haji Alkhoori, Under-Secretary of the Ministry of Finance, alongside Shabana Aman Khan Begum, Executive Director of the Tax Policy Sector. The Russian delegation was led by Alexey Sazanov, Deputy Minister of Finance of the Russian Federation.

This agreement is designed to provide a stable and investment-friendly tax framework, addressing tax barriers that could impede investors. It aims to eliminate double taxation for both individuals and businesses, thereby enhancing confidence among foreign and domestic investors. The initiative is expected to promote increased joint investments and bolster economic and trade relations between the UAE and Russia.

Younis Haji Alkhoori remarked that these negotiations are part of ongoing efforts to improve the investment environment by removing tax obstacles for individuals and businesses in both countries. He emphasized that the signing of the double taxation avoidance agreement with Russia is a strategic move to strengthen economic ties, offering a clear legal framework that supports investors and stimulates trade exchange.

Alkhoori further expressed confidence that the agreement will foster economic growth and create new cooperation opportunities across various sectors. He noted that it reflects the UAE’s commitment to maintaining a stable, investment-friendly tax environment, which reinforces the country’s position as a preferred destination for international investors.