The United Arab Emirates (UAE) will be lending assistance to Guyana in customs and taxation related matters, Director General of the Ministry of the Presidency Joseph Harmon announced late last month before pointing out that government has taken note of the Middle Eastern country’s capacity to invest in the oil and gas sector here.
During a post-Cabinet press briefing on May 16th, Harmon announced that Cabinet had approved a proposed draft bilateral agreement on mutual administrative assistance in customs matters between the Guyana government and UAE.
This agreement, he explained, is modeled in accordance with the World Customs Organization standards and is part of the intensification of the relationship between the two nations.
According to Harmon, the agreement is also intended to be used as a template for the future between the customs administration of Guyana and that of other countries. The agreement will provide platforms for cooperation, such as combating customs offences, protection of mutual interests, sharing of information and technical assistance. Additionally, Harmon said Cabinet has approved the signing of the agreement between the government and the UAE for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital.
The main objective of this agreement, he said, is to reduce “tax obstacles to cross border services, trade and investment and the risk of double taxation” resulting from the interaction of the tax systems of the two states.
Harmon told the media that Cabinet in its consideration of these agreements noted the potential for investment by the UAE in Guyana, especially in the emerging oil and gas industry.
