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UAE, Ireland agree on tax break for investors

The United Arab Emirates has signed an agreement with the Republic of Ireland to give tax relaxation to the investors of each other's country.

business Updated: Jul 04, 2010 00:45 IST

The United Arab Emirates has signed an agreement with the Republic of Ireland to give tax relaxation to the investors of each other's country.

According to an agreement signed between the Director General of finance ministry Younis Haji Al Khoori and the Ireland's ambassador to UAE, people having businesses in both the countries will be exempted from paying double tax on their income.

"The agreement seeks to create the suitable investment environment attracting governmental investment and sovereign funds, in addition to encouraging private sector investment in both countries," Al Khoori said.

The agreement would increase the volume of trade exchange and tourism; something that leads to develop the air transportation industry by removing all financial, economic and tax obstacles so as to enhance create more employment in both countries, he said.