Doha, May 30 (QNA) - The State of Qatar and the United Arab Emirates signed an agreement aimed at avoiding double taxation and preventing fiscal evasion concerning income taxes.

The agreement was signed by HE Minister of Finance Ali bin Ahmed Al Kuwari and on the UAE side, the agreement was signed by HE Minister of State for Financial Affairs of the UAE Mohamed bin Hadi Al Hussaini.

During this occasion, HE Ali bin Ahmed Al Kuwari stressed the importance of this agreement and its effective role and said: "The agreement will contribute to supporting international standards of transparency through the exchange of documented financial information, which comes in light of strengthening bilateral economic relations between the two countries."

For his part, HE Mohamed bin Hadi Al Hussaini highlighted that this agreement contributes to developing the economic and trade relations between the two countries, and fully protects companies and individuals from direct or indirect double taxation.

His Excellency said: "The UAE Ministry of Finance is keen to strengthen its trade and investment relations with all partners by developing mechanisms that clarify to investors the status of their operations in trade, economic, and financial activities and any other activities within the countries that have an active economic relation with the UAE."

The agreement aims to conclude tax treaties that eliminate all forms of double taxation between the two countries. This agreement will enable both countries to prevent tax evasion and ensure justice and equality in the treatment of individuals, in addition to enhancing trade cooperation and increasing investment opportunities between governments and individuals. (QNA)