UAE inks deal to assist Kosovo in development of its capacities

ABU DHABI / WAM

The UAE will assist Kosovo in development of its capacities, in addition to attaining social and economic development through the progress of mutually-beneficial activities and frameworks, after the two sides signed a Memorandum of Understanding (MoU).
The MoU was signed in Abu Dhabi by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and Bedri Hamza, Kosovan Minister of Finance, in the presence of Ali Hamdan Ahmed, Assistant Under-Secretary of the International Financial Relationship Sector, and a number of directors and heads of departments from the ministry.
Al Tayer underlined the importance of the MoU in sharing the UAE’s knowledge and expertise in key policy areas and discussing ways to strengthen the existing bilateral partnership. “The Ministry of Finance has been continuously developing a leading model for public finance management, and the implementation of government financial policies, which have strengthened the UAE’s positioning in the region and the world,” he said, adding, “the ministry is committed to sharing its advanced expertise and experience with various countries, particularly Kosovo, with whom we share a special relationship based on a mutual understanding and desire to develop strong bilateral relations for the benefit of both countries.”
The MoU defined key areas of cooperation in public finance management, with the objective of enhancing the interchange of knowledge between the two parties, including the effective exchange of information for tax purposes; the application of international standards of transparency; budget management and information systems applications for public finance management; capital expenditure; strategic planning and performance; macroeconomic policies and overall financial planning; debt management; budgeting and planning strategy; demonstrating the UAE’s practice in financing and planning its budget; providing the opportunity to hold consultations; and the agreement on the avoidance of double taxation, including the investment promotion and protection agreement previously signed between the two countries in May of this year.
Under the MoU, the UAE-Kosovo Council will be established to include representatives from both countries. The under-secretary of the Ministry of Finance will represent the UAE, and the Kosovan side will be represented by the Kosovan head of International Financial Cooperation. The council will supervise the implementation of the requirements included in the MoU, monitor bilateral relations, and identify opportunities for further development, in addition to facilitating the identification and establishment of joint projects related to the private sector. The MoU shall remain in force for five years from the date of signing.
There will be a staff exchange programme, training courses, and workshops between the two sides. This will provide Kosovo with the opportunity to develop an understanding of the practical application of tax agreements and international tax principles in the Middle East and North Africa, in cooperation with the Organisation for Economic Cooperation and Development (OECD).
In May 2018, the UAE Ministry of Finance signed two agreements with Kosovo on avoidance of double taxation, and protection and promotion of investment.