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UAE, Hong Kong sign deal to avoid double taxation

UAE, Hong Kong sign deal to avoid double taxation

ABU DHABI: A covenant was signed between UAE and Hong Kong which will be a source of avoiding double taxation on income, the agreement was signed in a meeting held in Dubai where different businessmen and commercial banks from both countries were present.

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs on behalf of the UAE and John Tsang, Hong Kong Minister of Finance, on behalf of Hong Kong, said a statement.

The signing ceremony was attended by senior businessmen and heads of commercial banks and aimed to strengthen the cooperation and partnership in areas of common interest, it said.

It also highlighted the UAE’s international and regional role as a financial and trade country as well as its position as a capital of the Islamic Economy.

The UAE is Hong Kong’s top trading partner in the Middle East and North Africa (Mena) region and ranks 19th on a global scale, it added.