Saudi Arabia and the United Arab Emirates have signed an agreement to avoid double taxation on income, as well as to prevent tax evasion, UAE’s Ministry of Finance said on its Twitter account.

 

Saudi finance minister Mohammed Al-Jadaan, and Obaid Al Tayer, UAE Minister of State for Financial Affairs inked the agreement on May 23.

 

The agreement aims to strengthen cooperation frameworks in tax matters and consolidate financial, economic and investment relations. It also aims to encourage free movement of capital and service exchange between the two countries.

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