UAE, India Agree To Tax Exemptions For Sovereign Investments

According to a statement from the UAE's Ministry of Finance, the tax exemptions are applicable to the infrastructure for all sovereign investment institutions in the UAE, both federally and locally

UAE, India agree to tax exemptions for sovereign investments

Younis Haji Al Khoori, undersecretary of the Ministry of Finance.

The UAE and India have reached an agreement that will lead to tax exemptions for the UAE’s sovereign investments in India, it has been announced.

According to a statement from the UAE’s Ministry of Finance, the tax exemptions are applicable to the infrastructure for all sovereign investment institutions in the UAE, both federally and locally.

The announcement forms part of a wider set of amendments and investment incentives recently announced by the Indian government to attract and encourage foreign sovereign investment in key sectors of the Indian economy.

“These exemptions are part of the UAE’s unrelenting efforts to further improve economic relations with countries around the world,” said Younis Haji Al Khoori, undersecretary of the Ministry of Finance.

“The move also reflects the success of the recent negotiations between the joint venture teams from the UAE and India.

“These meetings strengthen bilateral ties and help create investment incentives that support trade exchange and economic activities between the two countries,” he added.

The statement added that other sectors may be identified for tax exemptions by the Indian government.

The exemptions will come into effect on April 1, 2021, and will be limited to investments made within the period not exceeding March 31, 2014, provided that the investment is maintained for at least three years.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more

Google-backed AI Firm NeurochainAI Teams Up With W Chain For Smart Payment Solutions

W Chain and NeurochainAI will combine forces to offer smart global payment tools, with real-time fee adjustment and fra... Read more

Al Ansari Exchange Renews Strategic Partnership With Visa

Promises to unlock new opportunities and deliver significant value across the financial services ecosystem and accelera... Read more