Brazil and United Arab Emirates sign agreement to eliminate double taxation
Convention signed on Monday will facilitate investments, can reduce tax evasion
Brazil and the United Arab Emirates signed an agreement to eliminate double taxation on income and prevent tax evasion and tax avoidance. The document was signed on Monday (12 November) by Brazilian Foreign Minister Aloysio Nunes Ferreira and UAE Ambassador to Brazil Hafsa Al Ulama.
In a statement, the Brazilian government explained that bilateral double taxation agreements help build a stable legal environment, contribute to the fight against tax evasion and facilitate trade and investment flows.
“The signing of the instrument should boost investments in Brazil by sovereign funds based in the United Arab Emirates,” explains the message from the Ministry of Foreign Affairs. Due to double taxation, some investors use other countries’ systems to invest in Brazil. Now they can do it directly from the United Arab Emirates.