The Government of the United Arab Emirates signed an agreement with the Government of Barbados on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
Her Excellency, Reem Al Hashimy, Minister of State, represented the Government of the United Arab Emirates in signing the agreement, while the Government of Barbados was represented by Her Excellency Maxine McClean, Minister of Foreign Affairs of Barbados.
The Agreement emphasizes the desire of both countries to promote their mutual economic relationship through the avoidance of double taxation on the income of individuals and companies, as well as commercial sea and air transport, and on any other similar taxes as of the date of signing this Agreement.
The Agreement also requires the competent authorities of both countries to notify each other on any significant changes made to their tax laws, and to exchange information on the implementation of the provisions of this Agreement.
The agreement will remain valid for ten years, renewable for a similar period.