- Tanzania and UAE have signed an agreement to do away with double taxation
- The double taxation has in the past lost Tanzanians some foreign businesses
- The removal of the taxes promises to strengthen trade ties between both nations
The Tanzanian and UAE governments have agreed to remove double taxation barrier in trade between both nations.
Incumbent Minister of Finance and renowned Tanzanian economist, Mr. Nchemba noted after the signing that the fundamental intent of the 31-clause agreement was to create a more favorable platform for new foreign direct investment (FDI) engagements between Tanzania and the Middle East.
He stated, “This step will help expand the Tanzania government’s tax base by boosting industrial activities and products designed for domestic and export markets.”