Latest update March 19th, 2024 12:59 AM
May 20, 2019 News
By way of two crucial agreements, Guyana will soon be able to lean on the expertise of the United Arab Emirates (UAE) in addressing taxation and customs issues.
Disclosing this to the media recently was Director General of the Ministry of the Presidency, Joseph Harmon.
The official said that Cabinet gave its approval for the agreement between the two states which speaks to the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital.
The Director General also articulated that the agreement will help to reduce tax obstacles to cross border services, as well as trade and investment.
Also in the pipeline, Harmon stated, is a proposed draft bilateral agreement, which was approved by Cabinet for mutual administrative assistance in customs matters. He said that this is modeled in accordance with international customs standards and is part of the intensification of the relations between Guyana and the UAE.
Additionally, Harmon said that the draft proposal will be used as a template between Guyana and other countries and will also provide the platform for cooperation on combating customs offenses, protection of mutual interests, sharing of information and the provision of technical assistance.
Harmon said that Cabinet in its consideration of these agreements noted that there is potential for investment by the UAE in the oil and gas sector.
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