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UAE and Israel Sign Tax Treaty
UAE- June 6, 2021:
The UAE and Israel signed a tax treaty on 31st May, 2021 in order to avoid double taxation. This will help promote bilateral trade, boost economic cooperation and investment in years to come. The tax convention, once ratified by ministers and parliament this year, will come into effect on January 1, 2022.
The move comes following the peace deal between Israel and the UAE to spur business development between the countries after they normalised relations last year in August 2020.
According to the Israeli Government’s announcement, the treaty is based on the Organisation for Economic Co-operation and Development Model Tax Convention on Income and on Capital (OECD Model) and covers areas including double-taxation, non-discrimination, exchange of information and anti-avoidance.
The introduction of the tax treaty will enable further influx of investment and trade between the two countries, in line with the aim to unlock economic potential in the region.
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