The Russian Federation and the UAE signed an agreement on the elimination of double taxation

Abu Dhabi (United Arab Emirates - UAE) hosted the ceremonial signing of an intergovernmental agreement on the elimination of double taxation with regard to taxes on income and capital, as well as in the prevention of tax avoidance and evasion, the press service of the Russian Finance Ministry said on February 17.

"Our views and interests coincide on topical issues of the financial agenda, including the improvement of the budget process and its digitalization, approaches to public-private partnership," Russian Finance Minister Anton Siluanov was quoted as saying.

During the discussion, the parties exchanged experience in the introduction of AI-technologies in budgetary processes, discussed current trends in the development of international tax cooperation.

As a result of the financial dialog, the parties also identified promising topics for further elaboration. Thus, the Emirates expressed their readiness to share their experience in the sphere of partnership financing in connection with the launch of an experiment on the development of financial instruments in Russia. In addition, the ministers confirmed their readiness to continue coordinating work in multilateral platforms such as BRICS, as well as in international development banks.

"The UAE-Russia partnership serves as a model for sustainable economic cooperation. We aim to strengthen mutual investment and financial cooperation by ensuring the continuous development of modern budgetary mechanisms, encouraging public-private partnerships and promoting tax cooperation," UAE Finance Minister Mohammed bin Hadi Al Husaini summarized.

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Earlier, on January 18, the final round of negotiations between the delegations of the Ministries of Finance of Russia and the UAE took place in Dubai. The parties initialed a draft of a new agreement on avoidance of double taxation of income and capital and prevention of tax evasion.