DUBAI, 24th November, 2016 (WAM) — The UAE, represented by the Ministry of Finance (MoF), signed an agreement on the avoidance of double taxation, with Saint Kitts and Nevis in Dubai today.

The agreement, known as a Double Taxation Agreement, or DTA, is part of the ministry’s strategy to strengthen its international relations with regards to the avoidance of double taxation on income.

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Mark Brantley, Saint Kitts and Nevis’s Minister of Foreign Affairs and Aviation, in the presence of a number of officials at the ministry.

Al Tayer stressed the importance of signing agreements like these to support foreign trade and to develop international economic and financial relations.

“The ministry works hard on co-ordinating and co-operating with all financial legislative authorities across the globe to establish a legal framework through agreements on the avoidance of double taxation on income, in order to establish co-operation with tax legislations, curb the evasion of income tax, as well as providing full protection to companies and individuals from direct or indirect double taxation,” he added.

This brings to 103, the number of DTAs signed by the UAE, in addition to over 63 agreements signed with various countries, for protection and promotion of investments.