It has been announced this week that the negotiating teams of the Netherlands Antilles
and the United Arab Emirates (UEA) will kick off the negotiation of a double
taxation treaty during the second week of May.
The negotiating teams have agreed to hold
their talks in The Hague, according to the Government of the Netherlands Antilles.
“A Double taxation treaty (DTA) between two countries allows taxpayers
of those countries not to pay taxes to both countries for the same business
transaction. Even though the UAE imposes no taxes on profit or income, a DTA
will open up the important UAE’s financial market to our financial services
sector and vice versa,” explained Alex Rosaria, State Secretary of Finance
of the Netherlands Antilles.
The UAE plays a pivotal role in the hub of the dynamic trading environment of the
Arabian Gulf and offers a lot of exciting new opportunities for the Netherlands
Antilles, according to the Government.
Recently, a study was commissioned regarding the possibilities
of creating an Islamic Financing System in the Netherlands Antilles.
This study will develop recommendations as to the desirability of adapting
the tax system of the Netherlands Antilles in order to be better able to do
business with countries that abide by Shariah law.
The Netherlands Antilles has DTAs with Aruba, the Netherlands and Norway.
A DTA with Venezuela is awaiting signature.
Additionally, the Netherlands
Antilles has Tax Information Exchange Agreements (TIEA’S) with the USA,
Australia and New Zealand.
Negotiations with Suriname started last March, and firm commitments exist to negotiate
DTAs in 2008 with Mexico, Colombia and Spain.
Additionally the Netherlands Antilles plans this year to sign TIEA’S with Sweden, Denmark, Iceland, Finland, Greenland
and the Faroe Islands.
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