Germany keen to renew pact on double taxation

Sheikh Hamdan with Peer Steinbruck. (WAM)

Sheikh Hamdan bin Rashid Al Maktoum, Dubai Deputy Ruler and UAE Minister of Finance, met the German Finance Minister to discuss bilateral relations, including the double taxation avoidance agreement.

Minister of State for Financial Affairs Obaid Humaid Al Tayer also attended the meeting at Dubai Ruler's Court with Minister Peer Steinbruck and his accompanying delegation.

During the meeting, Sheikh Hamdan stressed the "significance of relations between the UAE and Germany and the need to promote co-operation in the best interest of two friendly peoples".

The German official expressed appreciation for the financial and economical policies being adopted by the UAE, which he said to have increased the country's growth rates to become the highest in the region. He also called for an exchange of expertise between the two countries.

Steinbruck said Germany was keen to renew the Double Taxation Avoidance Agreement, which was signed in 1996. Both sides agreed the agreement "was an effective tool that boosted the developmental objectives and diversification of income in the two countries". (Wam)