The United Arab Emirates (UAE), with years of experience in mastering customs and related taxation issues under its belt, has been able to stand alongside the world’s most efficient traders. In fact, it is the ninth largest net exporter in the world. Now Guyana will be able to tap into the knowledge of the UAE thanks to two key agreements.
This was announced by Director General of the Ministry of the Presidency, Joseph Harmon. During his engagement with the media this midday, the Director General said that Cabinet approved an agreement between Guyana and the UAE for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital. Harmon explained that the main objective of the agreement is to reduce tax obstacles to cross border services, trade and investment, and the risk of double taxation resulting from the interaction of the tax systems of the two States.
This news agency was able to confirm with the Guyana Revenue Authority (GRA) that the Double Taxation Agreement was in the pipeline since last year September.
Further to this, Harmon said that a proposed draft bilateral agreement was approved by Cabinet for mutual administrative assistance in customs matters. The Director General explained that this is modeled in accordance with international customs standards and is part of the intensification of the relations between Guyana and the UAE.
The Guyana Standard understands that the draft proposal will be used as a template between Guyana and other countries. Harmon further said it will provide the platform for cooperation on combating customs offences, protection of mutual interests, sharing of information, and the provision of technical assistance.
Meanwhile, Harmon said that Cabinet, in its consideration of this matter, noted the potential for investment by the UAE, especially in the oil and gas sector.
Guyana’s relations with the UAE are expected to deepen since it was announced last year by newly appointed Foreign Secretary Carl Greenidge that the APNU+AFC administration will construct a diplomatic consulate mission starting this year.
