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FINANCIAL NEWS
Russia to exempt UAE wealth funds, firms from tax
08 Dec 2011
(MENAFN) UAE’s Finance Minsiter Obaid Humaid Al Tayer said that his country reached an agreement with Russia to exempt the Gulf state’s wealth funds and firms from taxation, Reuters reported.
He also said that the agreement between the two nations also supports trade and economic ties by addressing outstanding investment disputes and providing for the confidential transfer of data.
Before the agreement, UAE investors in Russia had to pay a 20 percent tax on stock profits, 15 percent on profits from interest, and 20 percent on capital gains.
Russia is seeking to lure investors partly because of heavy capital leakage pushed by instability in the global economy and domestic political unrest.
The Russian finance ministry recently expected capital outflow to hit USD85 billion, up from USD38.3 billion last year.
It is worth mentioning that UAE is home to Abu Dhabi Investment Authority (ADIA), ranked among the world’s largest sovereign wealth funds, with assets estimated at between USD400 billion and USD600 billion.
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