The UAE has finalised agreements on avoiding double taxation with 145 countries and is negotiating for more such pacts in a bid to attract more investments, the Finance Ministry Undersecretary was quoted on Thursday as saying.

Yunus Khoury told the Arabic language daily Alkhaleej that the UAE, the second largest Arab economy, is now tied in such accords with nearly 74 percent of the world’s nations.

“We have recently signed new agreements on avoiding double taxation with Bahrain and Kuwait…This has brought the total number of countries which we have such agreements to 145,” Khoury said.

“There are more such agreements under negotiation…we expect to finish these negotiations and sign new agreements in 2024.”

Khoury said there is a decision to “expand the network of such agreements” to bolster development targets, diversify sources of income, facilitate trade and boost investment.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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