Cristóbal Montoro and Ali Sharif Amandi have signed an agreement in Madrid on Thursday between the Kingdom of Spain and the State of Qatar to prevent double taxation and tax evasion.
The Minister for the Treasury and Public Administration Services, Cristóbal Montoro, and the Minister of Finance of Qatar, Ali Sharif Amandi, have signed an agreement in Madrid on Thursday between the Kingdom of Spain and the State of Qatar to prevent double taxation and tax evasion.
The text is in line with the OECD standard agreement. It is applicable to taxation on the income of individuals and legal entities, and includes an article that will allow for the extensive exchange of information relating to taxation between Spain and Qatar, including bank information.
The agreement will help foster economic exchange between the two countries, in particular in terms of investment. Commercial exchanges between the two countries are presently worth over 1 billion euros per year.
At the same time, productive investment in Qatar has been growing over recent years. The 2022 World Cup is a stimulus for boosting the country's infrastructure and transport networks and provides an opportunity for investment.
Extension of agreements
With the agreement signed today at the Ministry of the Treasury and Public Administration Services, the government has further expanded its international tax strategy, based on promoting business investment, with the new double taxation agreement, while at the same time reducing tax opacity thanks to the exchange of tax information.
All this has been arranged according to the current OECD standards of transparency, thus extending the network for the exchange of international tax information. During this government's term in office, progress has been made on 14 agreements designed to prevent double taxation and tax fraud across a broad geographical spectrum:
- Four agreements have been signed with European countries (Andorra, Belgium, the UK and Cyprus) and one with Belarus is pending.
- In Asia, with India, Azerbaijan and Uzbekistan.
- In the Americas, agreements have been reached with three countries: Canada, Argentina and the United States; while the agreement with Mexico is pending.
- Two countries in the Middle East: Oman and Qatar.
Treaties for information exchange have also been agreed with the Isle of Man, Jersey and Guernsey, all territories linked to the United Kingdom.