Qatar has two signed economic deals aimed at boosting investment flows and eliminating double taxation as Doha broadens its network of international trade partners.
According to the Qatar News Agency (QNA), the first was an agreement on the promotion and mutual protection of investments signed by Qatar’s Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al-Thani, and Uruguay’s Minister of Foreign Affairs, Mario Lubetkin. These pacts are part of efforts to create a new legal structure that facilitates bilateral investments, apart from enhancing confidence in investors, providing equal treatment and shielding investors from non-commercial risks. These agreements also allow for the free transfer of funds and adopt the highest global standards for dispute resolution.
QNA described the agreements as a key stride in expanding the scope of economic and commercial cooperation between the two countries and in opening new channels of mutual investment, particularly in key sectors and services. The two countries also agreed to eliminate double taxation of income and tax evasion and avoidance, with Qatar’s Minister of Finance, Ali bin Ahmed Al-Kuwari, and Lubetkin signing a document in that direction.
At the signing ceremony, Al-Kuwari stressed the significance of the tax agreement, saying, “It will contribute to supporting international transparency standards through the exchange of documented financial information, alongside strengthening bilateral economic relations between the two countries.”
The tax treaty will eliminate double taxation, eliminate avoidance of taxes, and ensure that individuals are not treated unfairly. The agreement is also anticipated to strengthen broader economic and trade cooperation between the two countries and provide opportunities for greater investment, particularly in high-growth sectors and services. Qatar hopes the deal will deepen bilateral relations and advance mutual interests. Al-Thani and Lubetkin have already had discussions on strengthening and expanding business, investment, and industrial cooperation between the Gulf nation and its Latin American counterpart.
“The signed agreements will become operative upon completion of ratification procedures in accordance with each nation’s domestic laws,” QNA concluded.