The UAE, represented by the Ministry of Finance, MoF, has signed two final agreements on the avoidance of double taxation on income and the protection and promotion of investment with Saint Kitts and Nevis, a Caribbean country.

The agreements came as part of the Ministry’s strategy to expand its international relations and to protect and promote Emirati investments abroad.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Mark Brantley, Minister of Foreign Affairs and Aviation of Saint Kitts and Nevis, signed the agreement at the ministry office.

On the occasion, Al Tayer stressed the importance of the agreements in expanding Emirati investments globally. He highlighted that the agreements provide the necessary tools to strengthen investments and protect them from non-commercial risks that might affect their performance.

"Ministry of Finance is continuing to expand its international agreements on the avoidance of double taxation and the protection and promotion of investment. These agreements play a key role in providing full protection for taxpayers from direct and indirect double taxation as well as protecting the national economy, diversifying national income sources, encouraging trade and attracting foreign investments," he added.

The UAE has signed more than 103 agreements on the avoidance of double taxation, and more than 63 agreements to protect and promote investment with various countries, which provides a legal framework allowing tax authorities to cooperate without violating the sovereignty of other countries or the rights of tax payers. These agreements also strengthen and provide full protection for investments.