Switzerland and Saudi Arabia sign double-taxation agreement
Switzerland’s Finance Minister Ueli Maurer has signed an agreement with his Saudi Arabian counterpart on double taxation between the two countries, the finance ministryExternal link announced on Sunday.
The accord finalises negotiations that began back in 2010. In August 2016, Switzerland’s executive body, the Federal Council, had signed off on a plan outlining Switzerland’s political role and the impact on tax revenues.
This morning Swiss Federal Councillor and Finance Minister Ueli Maurer signed a bilateral double tax treaty Switzerland – Saudi Arabia with Mohammed Al Jadaan, the Finance Minister of Saudi Arabia #BRUeliMaurerExternal link pic.twitter.com/30SQdieLRSExternal link
— EFD_DFF (@efd_dff) February 18, 2018External link
On Sunday, Maurer also spoke with the Saudi finance minister about cooperation in financial matters and the creation of a regular dialogue on such issues between the two countries. The Swiss minister had arrived in Riyadh on Saturday for a four-day visit to the Middle East, accompanied by Swiss State Secretary for International Financial Matters Jörg Gasser, as well as representatives of some dozen Swiss financial institutions.
+ Switzerland aims to extend tax cooperation
On Tuesday, the delegation will leave for the United Arab Emirates, where Maurer will also meet with his counterpart in Abu Dhabi.
During the trip to the two countries which a finance ministry press releaseExternal link on Friday described as “important target markets for Swiss financial service providers outside Europe,” the Swiss delegation will meet with representatives of supervisory authorities, central banks, and private sector actors.
According to the press release, these meetings “will deal with enhancing dialogue and cooperation in financial and tax matters with two important partner states of Switzerland in the Gulf region, and bilateral and multilateral concerns regarding financial matters and concrete cooperation.” Specific issues to be addressed include frameworks for investments and financial services, as well as local opportunities for Swiss financial institutions.
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.