MoF signs deal with Sharjah Media City on exchange of information for tax purposes

MoU establishes an unambiguous mechanism that sets the foundation for cooperation in exchanging information for tax purposes

  

DUBAI - The Ministry of Finance, MoF, has signed a memorandum of understanding, MoU, with Sharjah Media City, Shams, on the exchange of information for tax purposes, as part of the UAE's tax agreements.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance and Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams) signed the agreement virtually.

Younis Al Khoori stressed the importance of this agreement, noting that the MoU establishes an unambiguous mechanism that sets the foundation for cooperation in exchanging information for tax purposes, which in turn enhances the competitiveness of the UAE, as well as its international standing on finance and trade.

Al Khoori said, "MoF is keen to ensure that all federal and local government entities comply with international standards and agreements signed by the UAE through transparency and exchange of information for tax purposes, thereby achieving protecting the national economy." Dr. Khalid Al Midfa underscored his commitment to the MoU with the ministry on the exchange of information for tax purposes, and opening up prospects for future cooperation in accordance with international tax agreements. The move enhances the competitiveness of the UAE and supports the increase of the flow of foreign investment.

Al Midfa added that Shams will adhere to all laws and regulations of the UAE, noting, "The agreement is part of our goal to cooperate with ministries and government entities in the UAE, in line with the targets for sustainable development, as well as to grow the national economy." Under this agreement, Sharjah Media City will provide tax information to Ministry of Finance as part of the agreements signed by the UAE with other countries under avoidance of double taxation, and the Model Tax Convention on the transparency and exchange of information. This is in addition to other agreements that meet the criteria set by the Global Forum on Transparency and Exchange of Information for Tax Purposes.

© Copyright Emirates News Agency (WAM) 2020.

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