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-
For more information, please contact:
Maher Al Bash, Weber Shandwick
Public Relations
Mobile: +971501882508
E-mail: Malbash@webershandwick.com
Mary Khamasmieh, Weber Shandwick Public Relations
Mobile: +971502731753
E-mail: mkhamasmieh@webershandwick.com
Evita Karam, Weber Shandwick
Public Relations
Mobile: +971504120310
E-mail: EKaram@webershandwick.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
