UAE and Ecuador ink agreement
UAE, represented by the Ministry of Finance (MoF) signed an agreement with the Republic of Ecuador on the avoidance of double taxation on income, in the Ministry’s premises in Dubai.
The agreement was signed by Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs; and Fausto Herrera, Minister of Finance of the Republic of Ecuador; in the presence of Majid Ali Omran, Director of International Financial Relations at MoF in addition to a number of officials from the Ministry.
Commenting on this agreement, Al Tayer said: “The agreements signed on the avoidance of double taxation on income reflect the UAE’s efforts to expand its network of international relations, particularly with Latin American countries. This contributes to promoting intercontinental trade, diversifying sources of national income, in addition to attracting foreign investments from across the world.”
Al Tayer added: “UAE enjoys a strong relationship with Ecuador, and signing this agreement will help in consolidating the economic relations, providing protection to companies and individuals from direct or indirect double taxation and encouraging trade between the two countries.”
MoF signed 104 agreements on the avoidance of double taxation on income with mainly trading partners. These agreements help in achieving economic balance, specifically by exempting or reducing taxes on sovereign investments, private sectors and national airlines
