Israel, UAE sign tax agreement

ISTANBUL

Israel said Monday it has signed a joint taxation agreement with the United Arab Emirates (UAE) as part of efforts to boost their economic and commercial cooperation.

"I have signed a tax agreement with Obaid Humaid al-Tayer, UAE's Finance Minister," Israeli Finance Minister Israel Katz wrote on Twitter.

He described the agreement as historic "that will enhance developing the economic relations between the two countries."

The tax agreement was signed through an online meeting between the two ministers as shown by a photo released on Katz on his Twitter account.

In October, Israel and the UAE reached a preliminary agreement to avoid double taxation along with signing other bilateral agreements to encourage investment between the two countries.

There was no comment from Emirati authorities on the report.

In September 2020, the UAE and Israel signed a US-sponsored deal to normalize their relations. Since then, the two countries have signed dozens of bilateral agreements in various fields, including investment, banking services, and tourism.

*Ahmed Asmar in Ankara contributed to this report