UAE, Benin sign conventions on double taxation and investment protection

Abu Dhabi, March 12, 2013 (WAM) - The Ministry of Finance (MoF), on behalf of the UAE, has signed two agreements on the avoidance of double taxation on income and protection and promotion of investments with the Republic of Benin. The signing of the two agreements are in line with efforts to promote investments between UAE and Republic of Benin and to facilitate the movement of capital and provide protection from all commercial risk, MoF said in a press release. The signing ceremony took place at MoF's headquarters in Abu Dhabi. Both agreements were signed by Younis Haji Khouri, Undersecretary of MoF, on behalf of the UAE, and Isa Moussa Toure, Ambassador of the Republic of Benin to the UAE. These conventions reflect the Ministry's commitment to further develop and promote the UAE's investment and trade relations following the privatisation policy of the Republic of Benin in diverse sectors including telecommunications, water, electricity and agriculture. The major advantages of the two agreements for the UAE are that they grant investment tax incentives for governmental entities and exempt government institutions from any type of income taxes in various production sectors.- Emirates News Agency, WAM