UAE strengthens trade relations with Denmark
A delegation from the UAE’s Ministry of Finance (MoF) is on its official visit to Denmark, where it seeks to strengthen trade relations and sign an agreement on the exchange of information for tax purposes at the Danish Ministry of Taxation.
The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Karsten Lauritzen, Danish Minister for Taxation, in the presence of Rashid Al Suwaidi, Charge d’Affaires of the UAE Embassy in Sweden; Morten Lynge, Consul General and regional trade co-ordinator in the Middle East and a number of the Ministry’s senior officials.
The UAE delegation visited Amager Ressource Center (ARC), one of the most innovative energy factories in Denmark specialised in generating energy from waste, and a visit to ‘Ramboll Group’, which operates in green engineering with its Mena headquarters in the UAE.
‘Ramboll Group’ offered the delegation a presentation clarifying sustainable projects in the Middle East and the partnership between both countries in that area.
Commenting on the visit, Al Tayer stressed that this visit reflects the UAE Federal Government’s commitment to strengthen and expand its trade relations with various countries across the world, especially Scandinavian countries; in the light of the commitment of those nations and the UAE to achieve a quantum leap in government work mechanisms based on innovation and sustainability principles.
He emphasised the importance of exchanging information for tax purposes, and that this practice is a significant foundation for economic cooperation between countries; because of its role in strengthening economic transparency and ensuring justice for individual or company taxpayers that are part of the Global Forum on Transparency and Exchange of Information.
He also highlighted MoF’s commitment on exchanging experiences, reviewing best international practices and ensuring that they are aligned with the economic environment of individual states.
Concluding the visit, MoF and the Danish Ministry of Taxation agreed to discuss opportunities for signing an agreement on the avoidance of double taxation on income, as well as an agreement on tax exemption for air transport.
The importance of enhancing trade exchange and investment between both sides were also discussed. The discussions included negotiations on signing an agreement to promote and protect investment between the UAE and the Danish government.
