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Posted on: June 28th, 2013 by AlYunaniya Staff No Comments

Greece and UAE ink agreement to amend avoidance of double taxation

Stournaras

photo: flickr

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The finance ministers of Greece, Yiannis Stournaras and UAE, Obaid Humaid Al Tayer, signed on June 27 inked an agreement  to amend avoidance of double taxation, boosting bilateral economic relations.

By amending the agreement, substantial convergence is achieved, both with the standard Greek positions, and with the principles of the Organization for Economic Cooperation and Development (OECD) to avoid international double taxation, according to a press release by the Finance Ministry.

The protocol marks the beginning of an ambitious economic cooperation between the two countries and constitutes the first vital step for Greece for the attraction of investments coming from the United Arab Emirates, which have shown keen interest in investing in various sectors of the Greek economy.

Earlier this month, Greek Foreign Minister Dimitris Avramopoulos met with his counterpart UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan and discussed ways of enhancing relations and cooperation between the UAE and Greece in various sectors, especially in investment, trade and energy.

Shaikh Abdullah pointed out that the diplomatic relations between the two countries were established way back in 1975, witnessing a steady stable growth in bilateral relations, including trade and investment.

On his official visit to Greece, Shaikh Abdullah Bin Zayed Al Nahyan, Foreign Minister, called on the governments of the European Union to grant UAE citizens a 30-day visa upon their arrival in the EU.

Greece has repeatedly and strongly supported the exemption of UAE nationals from the need to obtain a Schengen Visa. In March, Avramopoulos sent a letter to the EU Commissioner for Home Affairs Mrs Cecilia Malmstrom requesting that the United Arab Emirates be included to the group of third countries that are going to be transferred to the Annex II of the relevant EC Regulation, listing third countries whose citizens do not require a visa in order to travel to the Schengen Area.

 

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