Japan and the United Arab Emirates (UAE) are close to concluding a tax treaty to prevent double taxation on trade and investment between the two jurisdictions.
Hirofumi Nakasone, Japanese Minister for Foreign Affairs and Shaikh Abdullah Bin Zayed Al Nahyan, Foreign Minister of the UAE met in Abu Dhabi recently to discuss the final steps towards completion of the deal.
Negotiations between Tokyo and the UAE on the double tax agreement were launched in November 2006. Later that month Japan also began tax treaty talks with Kuwait, and these will be the first such agreements that the Asian country has signed with states in the Gulf region.
The plans will add further incentives for Japanese firms to do business with the oil rich nation, which provides almost 28% of Japan’s oil, second only to Saudi Arabia, which provides 29.5%.
The treaty would also benefit the estimated 2,800 Japanese nationals currently residing in the UAE.
Plans for a Free-Trade Agreement (FTA) between Japan and the Gulf Cooperation Council (GCC) are also believed to be progressing.
Japan currently holds tax treaties with 56 nations including the US and European states.
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