UAE sovereign wealth funds are now able to invest in Russia without paying tax on profits, dividends or capital gains under a new inter-governmental treaty that recently came into effect, delegates to the first-ever Russia-GCC Business Forum at the Sharjah Expo Centre heard this morning. The news came days after China announced moves to remove ceilings on access to its capital markets by the global sovereign wealth funds.
‘The recent decision by Russia to exempt investment bodies and sovereign wealth funds from the UAE from taxation is another positive sign for trade an will open up practically unlimited visitas to UAE investors in Russia,’ said the chairman of the Sharjah Chamber of Commerce, Saif Mohammed Al Midfa.
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