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.

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.

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