Despite initial setbacks, a new double taxation treaty between Germany and the United Arab Emirates (UAE), designed to avoid double taxation, has finally been agreed.
According to the German Finance Ministry, consensus on the tax issues contained in the agreement, and on far-reaching bilateral exchange of information, complying with the latest standards drawn up by the Organisation for Economic Co-operation and Development, was achieved during the fourth round of negotiations between the two delegations.
Although the precise details of the accord remain undisclosed, the German Finance Ministry has revealed that the essence of the pact remains unchanged. Consequently, no special tax privileges will be granted to sovereign wealth funds, a withholding tax will continue to be levied on dividends, interest and employed income, and the clause pertaining to misuse of the agreement will stand.
Changes include the introduction of a withholding tax for pensions and royalties.
Following the signing of the treaty, the agreement will be presented to both the lower and upper houses of the German parliament for approval.
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