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Business · General News · National · UAE

UAE and Russia Finalize Double Taxation Avoidance Agreement

By · January 18, 2025 · Updated January 18, 2025 · 2 min read
UAE and Russia Finalize Double Taxation Avoidance Agreement

Dubai: The United Arab Emirates (UAE) and the Russian Federation have successfully completed the final round of negotiations for a Double Taxation Avoidance Agreement (DTAA) on income and capital. This agreement marks a significant step in enhancing economic and tax cooperation between the two nations.

Promoting Investment and Trade

The agreement aims to establish a stable, business-friendly tax framework that:

  • Protects taxpayers’ rights.
  • Prevents double taxation.
  • Encourages investment and smooth trade flows.

By removing tax barriers for individuals and businesses, the deal is expected to boost investor confidence and attract both foreign and domestic investments.

Key Participants and Draft Signing

The negotiations, held at the UAE Ministry of Finance offices in Dubai, concluded with the initial signing of a draft agreement.

  • UAE Delegation: Led by Younis Haji Alkhoori, Under-Secretary of the Ministry of Finance, and supported by Shabana Aman Khan Begum, Executive Director of the Tax Policy Sector.
  • Russian Delegation: Headed by Alexey Sazanov, Deputy Minister of Finance.

Strengthening Economic Ties

This agreement reflects a commitment to fostering economic growth and collaboration. It sets the stage for:

  • Increased joint investments.
  • Improved exchange of expertise and technologies.
  • Long-term sustainable trade and financial ties.

Younis Haji Alkhoori highlighted the importance of the agreement, stating:

“This milestone removes tax obstacles and provides a clear legal framework to support trade and investment. It strengthens economic ties between the UAE and Russia, opening new opportunities for cooperation in various fields.”

He also emphasized the UAE’s dedication to creating a stable, investment-friendly tax environment, reinforcing its position as a global hub for international investors.

A Step Toward Sustainable Growth

With the DTAA in place, the UAE and Russia are set to enhance their economic partnership, promote innovation, and drive sustainable growth in both nations.