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Dubai: The Ministry of Finance recently signed a Memorandum of Understanding (MoU) with Ajman Free Zone on the exchange of information for tax purposes, in line with the regulations and standards adopted by the Global Forum on Transparency and Exchange of Information for Tax Purposes. This signing is part of the ministry’s ongoing efforts to ensure that various UAE government entities adhere to the UAE's international tax obligations and agreements.
H.E. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance and H.E. Fatima Mohammed Salem, Acting Director-General of Ajman Free Zone signed the MoU at a ceremony attended by officials from both parties. The MoU aims to enhance cooperation between the ministry and the relevant government bodies on the exchange of information for tax purposes, while ensuring fairness and transparency for corporate and individual taxpayers.
Commenting on the signing, H.E. Younis Haji Al Khoori said that the MoU with Ajman Free Zone reflects the keenness of the ministry to ensure compliance by all federal and local government entities with the international agreements the nation has signed, thereby applying the highest global standards for transparency and exchange of information for tax purposes.
H.E. added: “The Ministry of Finance is continuously expanding its network of agreements on the exchange of tax information with a firm belief that this will contribute to transparency, justice and the protection of the national economy. The ministry seeks to strengthen its cooperation with economic free zones across the UAE on the exchange of information for tax purposes. This will bolster the nation’s position on global competitiveness indices and increase the flow of foreign investments.”
H.E. Fatima Salem, meanwhile, affirmed Ajman Free Zone's commitment to exchange the required information for all its establishments and institutions, in adherence with the international agreements signed by the UAE on compliance with international requirements for transparency and exchange of information. She also lauded the efforts of the Ministry of Finance to achieve the economic vision of the country.
As part of the MoU, Ajman Free Zone will provide the necessary tax information to the ministry in line with the double taxation agreements signed by the UAE with other countries, international agreements on transparency and exchange of information, as well as all other agreements that comply with the global standards for transparency and exchange of information for tax purposes.
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