Kingdom, UAE hold fruitful first round of DTA talks
Kingdom, UAE hold fruitful first round of DTA talks
Cambodia and the UAE have concluded the first round of talks on a Double Taxation Agreement (DTA), agreeing on most of the draft articles.
DTAs are designed to divide the right of taxation between the contracting countries, abolish and discourage incidents of double taxation, prevent tax evasion and avoidance, promote clarity and transparency, guarantee taxpayers' equal rights and security, and stimulate bilateral investment and trade.
The talks were held virtually from September 27-29, with the Cambodian delegation led by General Department of Taxation deputy directors-general Bun Neary and Rath Mony, and its Emirati counterpart by Abdalla al-Obaidli, director of the Ministry of Economy’s Department of International Financial Relations and Organisation.
Both sides agreed to hold a second round “as soon as possible” to address the remaining points of contention, and vowed to push for the DTA to enter into force at the earliest possible date.
At an earlier meeting with UAE Minister of State for International Cooperation Reem al-Hashimy, Cambodian Minister of Commerce Pan Sorasak highlighted agriculture, tourism, industry and infrastructure as potential investment opportunities for Emirati investors looking to expand into the Kingdom.
