The Revenue Division is responsible for tax policy, tax administration, avoidance of double taxation agreements
with other countries, legal proceedings and litigation in tax matters and administration of Customs and Excise Group and Income Tax Group, according to the Rules of Business of 1973.
The investment and avoidance of double taxation agreements
were signed by Obaid bin Humaid Al Tayer, UAE Minister of State for Financial Affairs, and Salvatore Garang Mabiordit, Finance Minister of South Sudan.
The UAE is ranked second worldwide and first in the Arab world in terms of the number of avoidance of double taxation agreements
. The number of agreements concluded between 1989 and 2018 reached 210, including 123 agreements to avoid double taxation, as well as 87 agreements to regulate and encourage investment, highlighting the country's efforts in spreading knowledge related to double taxation issues in the region and worldwide.
Under this agreement, the Centre will provide tax information to MoF in line with the bilateral agreements signed by the UAE with other countries with respect to the avoidance of double taxation agreements
, and the Model Tax Convention on the Transparency and Exchange of Information.
The HKSAR Government will also continue to actively seek to enter into free trade agreements, investment promotion and protection agreements and comprehensive avoidance of double taxation agreements
with other economies to further strengthen Hong Kong's ties with other places.
Kazamias wished his successor at the Ministry of Finance to give special attention to the avoidance of double taxation agreements
, saying that there were many such agreements pending, either for signing or for amendment.
It will also be one of 16 avoidance of double taxation agreements
signed by Bahrain, which comply with the standard for the exchange of tax information set by Organisation for Economic Co-operation and Development and endorsed by the G20 at its summit in London last April.
The Ministry is also committed to implementing the highest standards of economic transparency and exchange of information for tax purposes, in accordance with the decisions of the Group of 20 (G20) and the provisions of the Avoidance of Double Taxation agreements
with other countries, which included most of the country's economic and commercial partners.
The Avoidance of Double Taxation agreements
eliminate the double payment of taxes by nationals and enterprises of each of the two countries in the territory of the other.
Lee Yi Shyan, Senior Minister of State for Trade and Industry and National Development, Singapore, said the greater step towards the agreements, was avoidance of double taxation agreements
and air services agreements to open up more trade links.