UAE, Montenegro sign agreements on double taxation and investment protection

Abu Dhabi, March 27, 2012 (WAM) - The UAE and the Republic of Montenegro on Monday signed two agreements on double taxation avoidance and on protection of investments. The agreements aim to protect and promote mutual operations, provide tax and financial benefits to the UAE's investments in both public and private sectors and eventually contribute to the diversification of the sources of national income and achieving economic balance with Montenegro, according to a press release by the Ministry of Finance (MoF) which signed the two agreements. "One of the major advantages of these agreements is that it grants exemptions for government institutions from dividend tax, corporate tax, interest tax, capital gains tax, in addition to reducing other tax burdens," Undersecretary of MoF Younis Haji Al-Khouri said. The agreements are part of efforts to strengthen partnerships between the UAE and the Republic of Montenegro, promote investments between both countries and to provide protection from all non-commercial risks, MoF said. The double taxation avoidance agreement was signed by Undersecretary of MoF Younis Haji Al-Khouri and Montenegro's Deputy Minister of Finance, Biljana Scekic. The agreement on the protection of investments was signed by Al-Khouri also and Montenegro's Deputy Minister of Economy Goran Scepanovic. - Emirates News Agency, WAM