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Mexico, UAE Sign DTA

by Mike Godfrey,, Washington

28 November 2012

The United Arab Emirates (UAE) and Mexico have signed a double taxation avoidance agreement (DTA), in an attempt to boost trade and develop investment between the two countries.

The agreement was signed by Undersecretary of the UAE Finance Ministry, Younis Haji Al Khouri, and the Mexican Ambassador to the UAE, Francisco Alonso.

The agreement sets out the allocation of taxing rights between the two jurisdictions with regard to corporate profits, capital gains, pensions, and income received by artists and students. It also provides for tax relief on different types of passive income, the withholding tax on both interest and royalties, for example, being capped at 10%.

The DTA also incorporates the internationally-agreed standard for the exchange of information for tax purposes, giving both jurisdictions' tax authorities a greater ability to exchange taxpayer information. It also provides that a tax authority cannot refuse to provide information solely because it does not require the information for its own domestic purposes, or that it is held by banks or other financial institutions.

TAGS: individuals | United Arab Emirates | tax | investment | business | double tax agreement (DTA) | royalties | Mexico | tax authority | agreements | withholding tax

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