The UAE and Burundi have signed two agreements as part of the Ministry’s strategy to expand its international relations, protecting and promoting Emirati investments.
The agreement was signed by Obaid Humaid Al Tayer, the UAE's Minister of State for Financial Affairs, and Domitien Ndihokubwayo, Burundi's Minister of Finance, Budget, and Development Planning. Mr. Al Tayer stated that the agreements provide full protection for taxpayers from direct and indirect double taxation, and will facilitate international trade. He also mentioned that under the double taxation agreement, national airlines and government investments will be exempt from taxes. The agreement covers capital taxes and will reduce the tax burden for private sector investments.
The second agreement works on protecting investments from non-commercial risks such as nationalisation, confiscation, judicial seizures, freezing assets, establishing licensed investments, and transferring profits and revenues in convertible currencies.
Presently, the UAE has signed more than 103 double taxation agreements and 66 agreements to protect and promote investment with various countries, which provides a legal framework permitting tax authorities to cooperate without violating the sovereignty of other countries or the rights of the taxpayers.