The Kingdom of Saudi Arabia (KSA) and Qatar recently signed an agreement to avoid double taxation and prevent tax evasion.
The agreement was signed by the Qatar’s Minister of Finance, Ali bin Ahmed Al Kuwari, and Saudi Arabia’s Minister of Finance, Mohammed bin Abdullah Al-Jadaan.
This took place on the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee in Doha.
During the signing, Al-Jadaan said that the agreement between Saudi Arabia and Qatar is part of efforts to enhance legislative coordination, promote trade exchange, and attract investments to the region, the Qatar News Agency (QNA) reported.
Commenting on the agreement, Al Kuwari highlighted the significance of the agreement, stating it will enhance international transparency standards by facilitating the exchange of financial information.
The agreement will come into effect after the exchange of the ratification instruments.
UAE and Qatar also signed an agreement to prevent double taxation and fiscal evasion in income tax matters.
The agreement was signed by Mohamed Hadi Al Hussaini, UAE minister of state for financial affairs, and Qatari finance minister Ahmed Al Kuwari.
The UAE has signed 146 double taxation avoidance agreements and 114 investment protection and promotion agreements, creating a global legal framework for UAE investments.
