FIJI has successfully negotiated tax agreements with the United Arab Emirates following a series of meetings in Abu Dhabi this week.
The negotiations were on an Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
Finance permanent secretary Filimone Waqabaca led the government team to the negotiating table.
A statement said the negotiations were conducted in a friendly, co-operative and constructive atmosphere. And at the end of the negotiation, consensus was reached on all the articles of the agreement.
A copy of the agreed text of the Agreement was initialled by the heads of the two delegations. The final ratification signature of the Agreement is expected to be in September when the prime minister and Minister for Finance, Commodore Voreqe Bainimarama opens the Abu Dhabi embassy. Mr Waqabaca said it was a historic occasion for both countries as it cemented the mutual economic relations that would now develop and grow between the countries.
In addition, Fiji was the first country in the Pacific Island region to sign a Double Taxation Agreement (DTA) with UAE. UAE is also the first country among the Gulf Confederation of Countries that Fiji has signed a DTA with.
"Certainly, this will open opportunities for the private sector and government of our countries to take advantage of the provisions in the Agreement to increase investment and job creation in our countries that will benefit our people," Mr Waqabaca said.
Dr Hamid Qadir echoed the same sentiments and stated the UAE authorities looked forward to a fruitful and long lasting relationship with the Government of Fiji and the agreement was a positive beginning.
Fiji's Ambassador Mr Robin Nair said this was a good start for the Fiji Mission in UAE and was optimistic the two countries had much to offer and benefit each other through the agreement.
The United Arab Emirates accepted Fiji's request to include the Tax Sparring provisions of the agreement to ensure the recognition of concessions and incentives granted by the Fiji government to investors.