Abu Dhabi, UAE: UAE and the Republic of Kosovo are developing their existing partnership with the signing of a Memorandum of Understanding (MoU) between the UAE’s Ministry of Finance and the Republic of Kosovo’s Ministry of Finance, which recently took place at the Ministry’s headquarters in Abu Dhabi. The MoU aims to assist the Republic of Kosovo in building upon the development of its capacities, in addition to attaining social and economic development through the progress of mutually-beneficial activities and frameworks.
The MoU was signed by HE Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, and HE Bedri Hamza, Kosovan Minister of Finance, on behalf of the Republic of Kosovo, in the presence of Ali Hamdan Ahmed, Assistant Undersecretary of the International Financial Relationship Sector, and a number of directors and heads of departments from the Ministry.
HE Obaid Humaid Al Tayer stressed the importance of the MoU in sharing the UAE’s knowledge and expertise in key policy areas, and discussing ways to strengthen the existing bilateral partnership.
HE stated, “The Ministry of Finance has been continuously developing a leading model for public finance management, and the implementation of government financial policies, which have strengthened the UAE's positioning in the region and the world. The Ministry of Finance is committed to sharing its advanced expertise and experience with various countries, particularly the Republic of Kosovo, with whom we share a special relationship based on a mutual understanding and desire to develop strong bilateral relations for the benefit of both countries.”
The MoU defines key areas of cooperation in public finance management, with the objective of enhancing the interchange of knowledge between the two parties, including: the effective exchange of information for tax purposes; the application of international standards of transparency; budget management and information systems applications for public finance management; capital expenditure; strategic planning and performance; macroeconomic policies and overall financial planning; debt management; budgeting and planning strategy; demonstrating the UAE’s practice in financing and planning its budget; providing the opportunity to hold consultations; and the agreement on the avoidance of double taxation, including the investment promotion and protection agreement previously signed between the two countries in May of this year.
Under the MoU, the UAE-Kosovo Council will be established to include representatives from both countries. The Undersecretary of the Ministry of Finance will represent the UAE party, and the Kosovan party represented will be headed by the Kosovan head of International Financial Cooperation. The functions of the Council will include supervising the implementation of the requirements included in the MoU, monitoring bilateral relations, and identifying opportunities for further development, in addition to facilitating the identification and establishment of joint projects related to the private sector. This MoU shall remain in force for five years from the date of signature.
Furthermore, the MoU will provide the opportunity to implement a staff exchange programme between the two countries, which will enhance the exchange of information and expertise in specific areas, and will see the organization of training courses and workshops held by both the UAE and the Republic of Kosovo. This will provide Kosovo with the opportunity to participate in workshops organized by the UAE Ministry of Finance to develop an understanding of the practical application of tax agreements and international tax principles in the Middle East and North Africa, in cooperation with the Organization for Economic Co-operation and Development (OECD).
In May 2018, the Ministry of Finance signed two agreements with the Republic of Kosovo on the avoidance of double taxation, and the protection and promotion of investment, during an official UAE delegation visit headed by HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance to the Republic of Kosovo.
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