|07 July, 2019

MoF signs MoU with HFZA and SAIF Zone on the exchange of information for tax purposes

The MoU is part of international tax agreements signed by the UAE to lay the groundwork for mutual cooperation in the exchange of information for tax purposes

Dubai: As part of its continuous efforts to ensure that all federal and local government entities comply with the UAE tax agreements, the Ministry of Finance (MoF) has signed a Memorandum of Understanding (MoU) with Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone Authority (SAIF Zone) on the exchange of information for tax purposes. The MoU is part of international tax agreements signed by the UAE to lay the groundwork for mutual cooperation in the exchange of information for tax purposes.

H.E. Younis Haji Al Khoori, Undersecretary of MoF, and Saud Salim Al Mazrouei, Director of HFZA and SAIF Zone signed the MoU in the presence of executives, department directors and officials from both sides.

H.E. Younis Al Khoori stressed the importance of this agreement in defining clear mechanisms of mutual cooperation in exchange of information for tax purposes. H.E. said: “Such agreements strengthen the country's position on various global competitiveness indices and contribute to attracting more foreign investment to the UAE; investors seek a transparent and fair investment climate for taxpayers and that’s what we strive to achieve.”

H.E. added: “The Ministry of Finance is tirelessly working with all relevant government entities in the nation to formulate effective mechanisms to ensure compliance with international standards and conventions in exchange of information for tax purposes - the cooperation and commitment of these entities should be commended. The ministry formed joint task forces with them to ensure we fulfil the nation’s obligations in line with the highest standards set forth by the Global Forum on Transparency and Exchange of Information for Tax Purposes, thus bolstering the UAE's standing on this front globally.

Under the agreement, the tax information center will provide the ministry with information and data, in line with the bilateral agreements signed by the UAE with other countries, including agreements on avoidance of double taxation and the Model Tax Convention on Transparency and Exchange of Information, as well as any other agreement that meets the criteria set forth by the Global Forum on Transparency and Exchange of Information for Tax Purposes.

-Ends-

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Evita Karam, Weber Shandwick
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