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Welcome to United Arab Emirates

“Let Intuit be your host”

Contents

I. UAE Overview 4

II. Dubai and the world 5

III. Why United Arab Emirates 6

1. Strategic Location 6

2. Attractive Business Climate 7

3. Promising Economy 7

4. Reliable Partner 9

5. A competitive Region 9

6. Free Zones 10

7. International Financial Centre 11

8. World Class Infrastructure 12

9. Quality of life 13

10. World Conference & Events 14

IV. Intuit Management Consultancy 15

V. Appendices 16

VI. Bibliography 18

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Hello friends,

We appreciate your interest in investing in United Arab Emirates and we, as Intuit are delighted to introduce our country and help you in the process of strategic investment decisions.

We are very pleased to provide this document about some of the most required considerations that investors need when considering to invest in United Arab Emirates.

We foresee this opportunity of establishing a professional relationship as our commitment in supporting your strategic plans. With a multi-jurisdictional presence and pragmatic approach, our clients are advised and guided by a team of experts with an in depth understanding of the often complex requirements.

This document has been developed by Intuit Management Consultancy. The information contained herein its intended for general use, and it has been obtained from public sources and summarizes most current questions that potential investors look upon in United Arab Emirates. Moreover, this information will be updated from time to time, and we suggest that application to specific situations or deeper information should be determined through consultation with our financial and tax advisors.

Our Intuit will be delighted in helping you to answer more specific questions for operating a business inUnited Arab Emirates. If any such, do not hesitate to contact us.

Intuit is a member of

ICAI – Institute of Chartered Accountants of India

IFA – International Fiscal Association

ITPA –The International Tax Planning Association

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UAE overview

The United Arab Emirates (UAE) is an Arab country located in the southeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing sea borders with Qatar and Iran. The UAE comprises of a federation of seven emirates namely, Dubai, Abu Dhabi, Sharjah, Fujairah, Ras Al-Khaimah, Umm Al-Quwain and Ajman which have their own rules and regulations. The Federation was formally established on 2 December 1971. Arabic is the official language and English is the predominant language in business world.

The UAE is the region's third largest exporter of crude oil, after Saudi Arabia and Iran. It has the world’s sixth largest proven reserves of conventional crude oil and the fifth largest proven reserves of natural gas. The government successful efforts on economic diversification in trade, logistics, banking, tourism, real estate and manufacturing have reduced the portion of GDP based on oil and gas output to 25%. Indeed in four decades the infrastructure have developed to such an extent that the UAE today might be one of the most hyper-connected places on the planet, where more than 200 different nationalities mingle daily.

The UAE has also joined with Australia and the US as one of the most attractive destinations globally for foreign talent and investment released by INSEAD in Jan2013.

Country2012 FDI Inflows(millions of dollar)

United States 167,620

China 121080UAE 9,602

Germany 6564Philippines 2797Japan 1730Nigeria 7028

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Dubai and the world

Geography & Demography:

Dubai is situated on the Persian Gulf coast of the United Arab Emirates. It is roughly at sea level (16 m or 52 ft above). The emirate of Dubai shares borders with Abu Dhabi in the south, Sharjah in the northeast, and the Sultanate of Oman in the southeast. Dubai covers an area of 1,588 mi² which represents a significant expansion beyond its initial 1,500 mi² designation due to land reclamation from the sea.

2,565,000 UAE Population2,362,000

1260669

531160

82000

421000 330296

Abu Dubai Sharjah Ajman Umm Al Ras Al FujairahDhabi Qaiwain Khaimah

The three most populated Emirates are Abu Dhabi, Dubai and Sharjah; approximately 83 percent of the total population belongs to these emirates

Culture & Climate

Dubai,UAE culture is essentially very colorful and vibrant. The Emirate provides all the economic and social benefits that people dream of. The increasing globalization factor and the settling of various immigrant groups have transformed the city into a melting pot of different nationalities and have given rise to a cosmopolitan culture that is in synch with other global cities. The Emirati society is divided into two social categories: the nationals (Al-Muwateneen) and the foreign immigrants, referred to as the incomers (Al- Wafedeen).

Political System

Dubai's government operates within the framework of a constitutional monarchy, and has been ruled by the Al Maktoum family since 1833. The current ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum, is also the Vice President and Prime Minister of the United Arab Emirates

Emirates Area(Sq kilometres)Abu Dhabi 67,340

Dubai 3,900

Sharjah 2600Ajman 260Umm Al Qaiwain 770Ras Al Khaimah 1700Fujairah 1300

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Why United Arab Emirates

1. Strategic Location

United Arab Emirates (UAE) is well established as the Middle East’s prime destination for the regional headquarters of multinational corporations. Its global reputation as a wealth generator and investment stronghold continues to drive the city’s growth. United Arab Emirates is a time zone bridge between the Far East and Europe on the East-West axis and the CIS and Africa on the north-south axis.

Its geographic position gives companies instant access to the diverse and expensive markets of the Middle East, Northern and Southern Africa, the Indian subcontinent and the CIS countries. Its sophisticated logistics infrastructure is truly world-class, seamlessly integrating Europe with the Far East. It is a gateway to the market that can be characterized as:

Large - well established trading links exist with the greater than 1.5 billion people in the neighboring region covering the Gulf, Middle East/Eastern Mediterranean, CIS, Central Asia, Africa and the Asian sub-continent

Prosperous - a buoyant local economy strategically located in the midst of one of the world’s richest regions and well endowed with ample supplies of cheap energy and primary aluminum and also adjacent to major regional suppliers of vital agro-export commodities

Accessible - served by over 120 shipping lines and linked via 85 airlines to over 130 global destinations

The diversification along with its strategic location, world class infrastructure and ease of business philosophy make as the natural choice for local and international organizations to either begin operations or expand into the Middle East.

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2. Attractive Business Climate

United Arab Emirates (UAE) is the perfect gateway between East and West and the preferred hub for the region’s imports and exports market. United Arab Emirates has a tropical desert climate because of its location within the Northern desert belt. The summers in United Arab Emirates are extremely hot, windy, and humid with an average temperature varies in between 29 °C - 42 °C (84 °F -108 °F).Winters are warm with an average high of 23 °C(73 °F) and overnight lows of 14 °C (57 °F). A year-round sunshine and an array of beaches making United Arab Emirates as a great place to do business compared to any other countries.

The country has already made major advancements in clean energy and climate protection, such as through producing zero carbon power, investing in clean energy projects locally and internationally. They pioneer the new technologies to cut emissions and improve the efficiency of energy and water. And also became a leader in international cooperation, by hosting the International Renewable Energy Agency (IRENA) and actively participating in UN climate change negotiations.

B u si n ess H o u r s :The official weekend is on Friday and Saturday. Some smaller private companies may

close only on Friday.Government offices will open at 7.30 a.m. and close at 3.00 p.m (local time). Private

offices tend to keep longer hours, many coming back to work in the evening after an extended mid-day break, whilst others are open from 8 a.m. to 5 p.m.

3. Promising Economy

Year 2005 2006 2007 2008 2009 2010 2011 2012 E2013Nominal GDP(USDbillion) 180.6 222 257.9 314.5 259.7 283.9 342 362 400Real GDP Gowth rate 8.60% 8.80% 6.60% 5.30% 4.80% 1.30% 5.20% 4.00% 3.50%

UAE Economic Performance

The UAE's nominal GDP is expected to gain more than US$11 billion in 2013 to peak at an all-time high before hitting another record of more than US$400bn for the first time in 2014. United Arab Emirate’s economy is headed for the fastest expansion in six years, with the gross domestic product, adjusted for inflation, accelerating to 4.9 per cent in the first half of 2013, Dubai’s real GDP grew to Dh169 billion in the first half of 2013 from Dh161 billion in the first half of 2012, and growth covered almost all non-hydrocarbon sectors. Real GDP is also projected to perform well through these years, with growth of about 3.5 per cent in2013 and 3.4 per cent in 2014.

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Dubai's sectors share in 2nd quarter of 2013

FinancialServices, 12%

Others, 8%

Transportation,14%

Wholesale & Retail, 29%

Real Estate , 13%Construction, 8%

Manufacturing,16%

Dubai's economy continued its post-crisis recovery and expanded by around 4.7 per cent in the second quarter of 2013, driven by strong performance in trade and most non-hydrocarbon sectors. Real growth will be driven mainly by expansion in the non-hydrocarbon sector as the oil sector is forecast to slow down in 2013-2014 because of lower crude prices and stable production by the country. The economy of Dubai looks set to sustain its growth momentum with investor confidence on the return and increasing activity across core sectors such as trade, tourism, manufacturing and even real estate as reflected in the overall business sentiment in the emirate.

Dubai Foreign Trade Structure

Re-Exports28%

Exports12%

Imports60%

According to the latest figures from Ventures ONSITE, the UAE has a value of projects planned, under tender, under construction or on hold, of US$900,953 million where Dubai itself holds 1/3rd of values. Likewise, project values for the Kingdom of Saudi Arabia are US$673,490 million, Qatar US$108,063 million and Kuwait US$142,924 million. Dubai boasts an extensive foreign trade network extending to 179 statesthus offering the investor an extensive choice of potential global marketing outlets for a diverse portfolio of goods and services.

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4. Reliable Partner

The affirmation of UAE "AA" rating leaves it as S&P's highest-rated sovereign entity in the Middle East alongside Qatar, which shares an "AA" rating.

The ratings agency said the region in general and Dubai in particular has made significant progress in the restructuring of government- related entities (GREs) that piled up hefty debt in order to make foreign investments. Risk perceptions of Dubai had also eased since last year and that has been reflected in the falling cost of insuring its sovereign debt.

In S&P's opinion, market confidence in the Dubai government's ability to support remaining GREs in need has increased, given the track record of recent successful restructurings

Fitch statements were: “Many of the big sources of market uncertainty have disappeared and the default assumption as to the UAE has flipped from anxiety to confidence on the whole,"

The outlook for the UAE's banking system has been changed to stable from negative, published by Moody's on Nov2013. The strength of the UAE banks' liquidity is reflected in the banking system's liquid assets-to-total assets ratio of 30% as of December 2012 as well as a loans-to-deposit ratio of93% (down from 108% in 2008). The outlook change reflects the continued improvements in theoperating environment, as well as the ongoing recovery of the local real-estate market, which Moody's believes will lead to a decline in problem loan levels and an increase in profitability over the next 12 to 18 months.

5. A competitive Region

The UAE had achieved recognizable progress in its global competitiveness ranking according to the IMD World Competitiveness Yearbook 2012. The UAE has managed to climb up 12 places (16th) from 28th in the previous year (2011) thanks to its reliable infrastructure, business-friendly environment and a dynamic economy. It was the greatest ranking increase of any country surveyed by the Swiss global business school.

IndiaItaly 65

France 38Saudi Arabia 26

UAE 23United Kingdom 10

Singapore 1

134

0 20 40 60 80 100 120 140 160

Agency UAE RatingsStandard &

Poor AA

Moody AA2

Fitch AA

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The World Bank and the International Finance Corporation (IFC) assesses regulations affecting the domestic firms in 189 economies and released a Doing Business for 2014 report recently. Strong improvements in business efficiency, productivity and economic performance and continued modernization of UAE’s business legislation were the main drivers of the UAE’s increased rankings.

The UAE tops the region in starting a business, getting electricity, registering property, paying taxes (first globally) and trading across borders.

The World Bank rated Dubai as the largest business city among emirates in UAE region.

The second best place in the region for the ease of dealing with construction permits, after Bahrain, getting credit after Saudi Arabia.

Also, the UAE has improved its ranking for protecting investors, moving from the 137th spot globally in 2013 to 98 in 2014

.

In addition, the UAE was ranked the highest in the Middle East and North Africa (Mena) region in Trading across Border category. Similarly it ranked 1st among Arab countries and 17th worldwide on the UN's recent World Happiness Report.

6. Free Zones

Investors can either register a new company in the form of a Free Zone Establishment (FZE) or simply establish a branch or representative office of their existing or parent company based within the UAE or abroad. Free Zones are part of the country’s territories but considered to be outside the customs territory and subject to customs control other than normal customs procedures.

Free zones (sometimes called a free economic zone, duty free zone, tax free zone, trade free zone or free trade zone) in the UAE allow 100% foreign ownership and have no taxes - usually guaranteed for 15 or50 years. Each free zone has its own specific requirements regarding minimum office/warehouse space andpermitted activities. Companies outside the free zones require a local (Emirati) sponsor and allow maximum49% foreign ownership.

Establishing a business entity in one of the UAE's Free Trade Zones (FTZs) will be an attractive option for foreign investors. The major advantage in setting up in a free zone is

100 per cent foreign ownership of the enterprise

100 per cent import and export tax exemptions

100 per cent repatriation of capital and profits

All profits can be transferred out of the country and there are no currency restrictions.

Parameters RankEase of doing Business 23Dealing with ConstructionPermits 5Getting Electricity 4Registering Property 4Paying Taxes 1Trading Across Borders 4Getting Credit 86Protecting Investors 98Enforcing Contracts 100

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No corporate taxes for 15 years, renewable for an additional 15 years

No personal income taxes

Assistance with labour recruitment and additional support services, such as sponsorship and housing.

The procedures for establishing a business in a Free Trade Zone are usually very straightforward and can be completed in a short space of time, especially if there are no environmental issues involved. There are no direct taxes on corporate profits or personal income (except for oil companies that pay a flat rate of 55% and branches of foreign banks that pay a flat rate of 20% on net profit generated within Dubai).

There are more than 38 Free Zones operating in UAE. Some of the popular free zones are

1. Jebel Ali Free Zone

2. Sharjah Airport International Free Zone

3. Dubai Airport Free Zone

4. Dubai Media City

5. Dubai Internet City

Whereas Dubai itself holds 18 Free zones and 10 more free zones were in the planning&development stage of Dubai.

The Jebel Ali Free Zone (JAFZ), Dubai was established in 1985 and was the first free zone in the UAE. The number of companies resident in the free zone has grown from 19 in 1985 to over 6,400 in 2010. JAFZ has generated over 160,000 jobs and accounts for in excess of 50% of Dubai’s total exports. JAFZ is responsible for attracting 20% of all of the foreign direct investment in the UAE.

Earlier this year, Dubai Airport Free Zone reported it had seen an increase of more than 100 per cent in the number of new companies setting up in 2011 compared with the previous year. Besides Free Zones, the UAE has established strategic frameworks for increasing the number of small- and medium-sized businesses in Special Economic Zones (SEZs)

7. International Financial Centre

The launch of Dubai International Financial Centre (DIFC) in 2004 marked the birth of a new hub in the Middle East. DIFC is the world’s fastest growing international financial centre, bridging the time gaps and the geographical distances between the major capital markets of New York and London in the West and Hong Kong in the East. The main stock exchange of Dubai is the Dubai Financial Market (DFM), which includes NASDAQ Dubai.

Financial services in the DIFC are regulated to international standards by the Dubai Financial ServicesAuthority (DFSA)

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March 2013 Global Financial Centre Index

DIFC is also home to 18 of the top 25 global banks, 6 of the 10 largest insurers, 6 of the 10 top law firms and eight of the 10 asset managers in the world

The vision of the leadership of Dubai to diversify the economy and make financial services a key contributor of GDP has been a key driver of the success of IFC Dubai.

In addition to the free zone benefits, Institutions establishing a presence within the DIFC can also potentially gain from the following key benefits:

• Potential access to the UAE’s wide network of double taxation treaties• A world-class, independent, regulatory agency working alongside other financial regulatory

agencies located in major global jurisdictions• International legal system based on Common Law of England & Wales (the only Common Law

jurisdiction in the region)• A wholly transparent operating environment, complying with global best practices and

internationally accepted laws andregulatory processes• An international stock exchange with primary and secondary listings of debt and equity

instruments• Not a signatory to any international exchange of information agreements hence provides high

level of privacy and asset protection

8. World Class Infrastructure

Dubai has a sophisticated and world class transportation infrastructure served by over 242 shipping lines and linked via 130 airlines to over 220 destinations in the world. Dubai is the third largest re-export hub in the world after Hong Kong and Singapore. Dubai International Airport stands alongside Paris, London and Hong Kong to be world’s busiest in terms of international passengers. Dubai World Central Airport will be the world’s largest and during 2011, its first full year of operation, carried 90,000 tonnes of air freight.

Dubai’s advanced infrastructure includes the 47-mile-long, fully automated Dubai Metro, and world- class airports, seaports, logistics facilities, conference centers and industry clusters in areas such as media, IT, financial services and healthcare. This infrastructure also includes an array of hospitals, schools, universities, world-class hotels, restaurants, shopping malls and entertainment destinations such as an indoor ski park and the observation deck at the top of the Burj Khalifa skyscraper, which is the tallest man-made structure on earth.

InternationalFinancial

Centre RankLondon 1Newyork 2Hong Kong 3Dubai 23Paris 26Qatar 30Abu Dhabi 39Athens 79

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Dubai has been ranked as 34th best infrastructure in the world, according to the Mercer City Infrastructure Ranking for 2012, making it the only Middle Eastern city to appear in the top 50 list.

Dubai’s ranking was the best in the Middle East, with the majority ofregion’s cities ranking outside the top 100.

Traditionally, World Expos trigger an investment rush in infrastructure development to the host city. The Chinese government spent over $40 billion on developing and improving infrastructure in the build up to Shanghai Expo 2010, adding six new metro lines, roads, tunnels, bridges and a high-speed rail link. United Arab Emirates’s prolific win to host Expo 2020 will fast-track infrastructure developments such as rail projects and ramp up logistics facilities that are worth billions of dollars. United Arab Emirates has allocated a large chunk of its Expo budget to building and developing its infrastructure and improving its logistics facility by2020.

With the GCC hosting mega events such as the Fifa World Cup 2022 and Expo 2020 lined up, infrastructure development are in high growth stage than never before.

9. Quality of life

United Arab Emirates has a multi-cultural diversity as expatriates were moving from multiple nations and myriad backgrounds. The emirate’s extremely liberal and open-minded society compared to its neighbors is resulted in mass immigration from all over the world, including people from western nations. The British, Americans and Canadians make up some of the largest western expatriate communities in United Arab Emirates. As a result, business entities can balance both the local and expatriate recruitment to create a team with the cultural understanding and global exposure to drive real and measurable value to the organization.

United Arab Emirates is a popular destination for shopping in the Middle East. Shopping is a lucrative tourism activity and the government of United Arab Emirates in collaboration with the retail sector has capitalized by constructing various malls like Dubai Mall, Mall of the emirates, Bur Juman to name a few. It’s not just a mall; it’s an entire shopping resort. United Arab Emirates offers

Excellent infrastructural facilities, Low crime Clean environment Tolerance and cultural diversity Cosmopolitan life style Modern public administration Availability of a wide range of consumer goods and services Mild winters and clean, palm fringed beaches

Singapore 1FrankFurt 2London 6Newyork 30Dubai 34Brimingham,UK 44Miami,US 48Abu Dhabi 72Muscat 94

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The local business class has a long tradition of trading activity and wide exposure to international business practices and state-of-the-art technologies. Local entrepreneurs have already gained successful experience with international partnerships in franchising, licensing, joint ventures, etc, in various sectors of the economy.

10. World Conference & Events

The Dubai Convention Bureau is a division of the Department of Tourism and Commerce Marketing, a non-profit government funded organization, is developing and increasing the Dubai’s share of the international MICE and special events markets, whilst maximizing the economic prospects of Dubai. Dubai is also the Middle East’s number one business tourism destination, hosting leading industry events and exhibitions to millions of trade visitors looking to source local goods and services each year. In its own right, the Meetings, Incentives, Conventions and Exhibitions (MICE) industry drives millions of dollars of revenue for service providers, hotel owners and retailers among many others.

Global Village, an event where the international community gather together to display their culture and heritage through exhibitions of traditional handicrafts, clothing, music, and dance is a focal point during the shopping festival. Dubai World Trade Centre has seen a total of 1.4 million visitors from over 155 countries.

Some of the major events and exhibitions are

ExtravaganzaBig 5 World Trade Centre MiddleEast Electricity Airport showDIHADPapperworld MiddleEast

Dubai also hosts major international sporting events like The Dubai Desert Classic, Dubai Open, an ATP tennis tournament, and the Dubai World Cup, the world's richest horse race draw thousands every year.

Recently, the United Arab Emirates has won the right to host the 2020 World Expo sparking national jubilation as the business and tourism hub secured a fillip to its recovering economy. United Arab Emirates's Expo 2020 will permanently change the way the world looks at Dubai, the UAE and the Gulf. United Arab Emirates is expected to become as a leading centre of global innovation and one of the world's natural hubs for business and intellectual leadership

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Intuit Management Consultancy

Intuit Management Consultancy is a cross border advisory firm focusing on the IMEA (India, Middle East & Africa) region. Established in 1979, Intuit specializes in business setup solutions, company formation and management, offshore incorporations, international tax planning, accounting & reporting services, corporate finance, trademark registration, outsourcing solutions and recruitment services. In the current business scenario, organizations as well as individuals are seeking solutions to optimize profits, reduce the incidence of tax and protect their assets. We offer our clients one stop business solutions.

Why Intuit

Across all industries, functions, and continents, our clients agree that globalization is one of the most vital prerequisites of healthy and promising growth. Intuit delivers an unique position with combine business expertise through Think local Act global

Intuit assists in setting up all type of business entities like LLC, Free Zone, offshore company, etc.Apart from the initial setup, we also identify and provide our clients additional cost saving propositions and new business opportunities in UAE

As Intuit being a representative of CPAAI which enables us to serve clients in virtually any industryacross the globe

In-depth understanding of regulatory environments, market drivers, legal practices and customs and on-the-ground support and guidance

Intuit is dedicated to provide quality service and customized solutions to clients thereby maintaining a high standard of excellence

With a multi-jurisdictional presence and pragmatic approach, Intuit adds value to your business by foreseeing changes, anticipating probable risks specific to each business and thereby providing a comprehensive solution

Our commitment

At Intuit, our prime focus has always been to provide comprehensive solutions to suit client specific requirements. We understand that tailor-made services are vital for client satisfaction. We assess, customize and implement a solution that is best suited to meet our clients' goals. We believe that our image is enhanced when our clients succeed in their business. Through the depth of our experience and breadth of our expertise we establish the quality of your experience with us.

Apart from the initial setup we identify and provide our clients additional cost saving propositions and new business opportunities. Thus, most of our clients have come to depend on us for guidance and support in their business ventures.

The core values on which Intuit is working on are: Dependability, Reliability, Consistency and Commitment. Our staff members have extensive experience in providing businesses with the services that they need so that they can start operating without delay. Whether you are one of the top corporations in the world or a small and medium-sized operation, we are here to help. Please feel free to get in touch with us so that we can talk about how we can help your business get off to a running start. Let us be your partner in your UAE business adventure. We constantly strive to excel in our commitment towards Customer Satisfaction.

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Appendices

Information about UAE double taxation treaties and agreements, and a list of countries that have signed double tax treaties with the UAE.

First Double Taxation Avoidance Agreement (DTAA) was signed between the UAE and France in1989 according to WAM news reports, but there was a limited DTAA signed between India and UAE before that, covering air travel, and there was an agreement signed in 1975 between the Arab Council of Economic Unity according to an Al Tamimi publication on Tax in the UAE.

Country Agreement orNews Date¹

Comments

Algeria DTAA

Armenia DTAA

Austria 22 Sep 2003 DTAA signed

Azerbaijan 30 Oct 2006 Double tax negotiations planned

Bangladesh 04 Nov 2009 Draft agreement signed

Belarus DTAA

Belgium 29 Jun 1997 DTAA signed

Bosnia & Herzegovina 21 Jan 2004 Agreement initialed covering tax on investments

Brazil 07 Dec 2003 Agreement to negotiate a DTAA

Bulgaria 26 Jun 2007

Canada 10 Jun 2002 DTAA signed covering taxes on income and capital

Chile 15 Oct 2009 DTAA suggested by UAE (WAM report). Unknown if under negotiation.

China 19 Jun 1994 DTAA signed covering income but not capital

Colombia 18 Oct 2009DTAA suggested by UAE (WAM report). Unknown if any negotiations in progress.

Czech Republic DTAA

Egypt DTAA

Fiji 01 Aug 2012 Initial agreement signed to eliminate double taxation on income.

Finland 27 Feb 1997 DTAA signed

France 29 Nov 1989 DTAA signed for double tax avoidance on income

Germany 31 Mar 1996 DTAA signed covering double tax avoidance on income and capital

Greece 18 Jan 2010 Avoid double taxation

Greece 04 Jun 2008 Draft agreement to avoid tax on aviation business

Hong Kong 19 Jul 2010 Initial DTAA on commodities and services signed

Hungary 01 May 2013 Final DTAA signed on income with Hungary

India 20 Apr 2007 DTAA amended so UAE residents pay CGT on short term investments

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India 31 Aug 1993 DTAA signed for double taxation avoidance on income and capital

Indonesia 30 Jun 1996 DTAA signed covering income, but not capital

Italy 04 Dec 1995 DTAA signed covering income but not capital

Japan 17 Oct 2012 Initial agreement to avoid double taxation on income signed

Jordan 13 Jun 2005 DTAA signed

Kenya 21 Nov 2011 DTAA signed

Korea DTAA

Latvia 11 Mar 2012 Agreement signed for Avoidance of Double Taxation on Income

Lebanon 15 Nov 1998 DTAA signed, on income only, not capital

Libya 10 Jun 2010Initial agreement signed after 2nd round of talks to prevent double taxation

Lithuania 03 Jul 2013 DTAA signed

Luxembourg 20 Nov 2005 DTAA signed. Ratified in May 2009, effective 01 January 2010?

Malaysia 30 Jun 1996 DTAA signed covering tax avoidance on income and capital

Malta 13 Mar 2006 DTAA signed

Mauritius DTAA

Mexico 20 Nov 2012 DTAA signed to avoid double taxation on income

Mongolia DTAA

Montenegro 26 Mar 2012 DTAA and protection of investments

Morocco 29 Sep 1999 DTAA signed

Mozambique DTAA

Netherlands 02 Jun 2010 DTAA takes effect covering tax on dividend payments

New Zealand DTAA

Pakistan 24 Jan 1994 DTAA signed for double tax avoidance on income tax

Philippines 22 Sep 2003 DTAA signed

Poland 24 Jan 1994 DTAA signed for double tax avoidance on income tax

Romania 04 Dec 1995 DTAA signed covering capital but not income?

Russia 30 Oct 2006 Double tax negotiations planned

Seychelles DTAA

Singapore 30 Jun 1997 DTAA signed

Singapore 31 Mar 1990 DTAA signed for income from air transport between UAE and Singapore

South Korea

Spain 06 Mar 2006 DTAA signed

Sri Lanka 31 Aug 1993DTAA for double tax avoidance on income from air transport betweenUAE and SL

Sudan 12 Apr 2002 Agreement signed to allow tax-free profit repatriation

Switzerland May 1999 DTAA signed

Syria 28 Jun 2000 DTAA signed

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Tajikistan DTAA

Thailand 29 Nov 2000 DTAA signed

Tunisia 27 Feb 1997 DTAA signed for double tax avoidance on income and capital

Turkey DTAA

Turkmenistan 30 Nov 1999 DTAA signed

Ukraine DTAA

Uzbekistan DTAA

Venezuela 07 Jun 2010Agreement signed for double tax avoidance, tax evasion prevention, on income and capital

Vietnam Feb 2009

Yemen DTAA

03 Jul 2013 (Lithuania, WAM) - UAE and Lithuania signed an agreement concerning the avoidance of double taxation on income and prevention of fiscal evasion with respect to income tax

01 May 2013 (Hungary, WAM) - UAE signed (on 30 Apr 2013) the final agreement for avoidance of double taxation on income with the Hungary

21 Nov 2012 (Mexico, WAM news) - UAE signed a Double Taxation Avoidance Agreement (DTAA)with Mexico on 20 Nov 2012 to avoid double taxation on income

As of 17 October 2012, UAE has signed and adopted 66 double taxation avoidance agreements

Bibliography

Main Sources WebsiteGovernment of Dubai w w w.d u b ai . ae Dubai Statistics Centre d sc. g ov . a e Forbes Group w w w. f o r b ecu s t o m . c o m Dubai International Financial Centre w w w.d i fc. a e Dubai Expo Conference w w w . e x po 2 0 2 0 dub ai . ae Cass Business School, London w w w. c assk n o w l ed g e.c o m Free zone w w w.u a efre e z o n es. c o m Credit Rating firm w w w . m oo d y s. c o m UAE double taxation w w w.d u b ai f a q s. c o m

Media firm w w w. gu lf n e ws. c o m ; w w w . e m ir a t e s 2 4 7 .c o m Trading Economics w w w . tra d i ng ec o n o m ics. c o m

Knowledge sharingw w w . e v i . c o m ; w w w.wiki p e d ia . o r g ; w w w . m a p s o f w o rl d .c o m

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