The UAE signed 146 agreements to avoid double taxation on income by the end of 2024, as the country continues to develop its tax policies and regulations.
The details were revealed by Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, in a post on X on Sunday, as he reviewed the ministry's 2024 annual report.
Double taxation refers to a similar tax (such as an income tax) being imposed in two countries on the same person or entity on the same tax base, according to the UAE's Ministry of Finance website.
This could “harmfully affect the exchange of goods, services and capital and technology transfer and trade across the border”, it says.
Public and private companies, investment firms, air transport firms and other companies operating in the UAE, as well as residents, benefit from double taxation agreements (DTA), according to the ministry.
DTAs ensure people and businesses are only taxed once. They clarify how certain types of income, such as dividends, property income and pensions, should be taxed, and lay out rules on non-discrimination to prevent different treatment based on factors such as nationality or residency.
The ministry is working on expanding its DTA network, with the purpose of exempting or reducing taxes on investment and profits from direct and indirect taxes and to promote the UAE’s competitiveness, the website says.
While the UAE does not currently levy an income tax, it introduced a value-added tax in 2018 and corporate tax in 2023.
However, the Emirates does not have a treaty with the US, which imposes taxes on the worldwide earnings of its citizens and green card holders. US President Donald Trump had pledged to end double taxation for Americans living abroad during his election campaign.
“The UAE is committed to building an integrated economic system that promotes diversification and continuous development, with people at the heart of the process, as its primary driving force,” Sheikh Maktoum said in a statement released by the Dubai Media Office.
“The Ministry of Finance has made significant progress in boosting governmental fiscal management and enhancing its contribution to the national economy through proactive financial policies that promote sustainable growth.”
The Ministry of Finance’s 2024 report also cited the success of the government’s financing tools, especially the launch of 14 auctions under the Islamic Treasury sukuk programme, which raised Dh17.1 billion ($4.6 billion) in total.
T-bonds are fixed-rate government debt securities that pay semi-annual interest payments until maturity, according to the online financial encyclopaedia Investopedia. They are also considered to be relatively risk-free.
The UAE announced the launch of a T-bonds issuance programme in 2022 as part of plans to build a local currency bond market and diversify its financial resources.
The Ministry of Finance also approved 116 investment protection and promotion agreements by the end of 2024, Sheikh Maktoum said.
The UAE's total outstanding domestic public debt reached Dh23.45 billion by the end of 2024, according to the report. This includes an outstanding balance of Dh6.35 billion under the government Treasury bond programme following the repayment of the first tranche of two-year bonds valued at Dh4.85 billion and Dh17.1 billion under the Islamic Treasury sukuk programme, the statement said.
The ministry also signed fiscal policies to increase efficiency in government spending and achieve sustainable fiscal balance and others related to asset management, inventory and leasing within the federal government.
The ministry approved digital projects aimed at improving financial operations, enhancing transparency and accelerating services last year, the report said.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Killing of Qassem Suleimani
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Results
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Persuasion
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
