The Ministry of Finance, MoF, signed a Memorandum of Understanding, MoU, with RAK International Corporate Center on the exchange of information for tax purposes, as part of the UAE’s international tax agreements.
Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance and Dr. Sameer Al Ansari, CEO of the RAK International Corporate Centre signed the agreement at the ministry’s headquarters in Dubai, in the presence of a group of executive directors, directors of departments and ministry employees. Al Khoori stressed the importance of this MoU in establishing a clear mechanism that sets the basis for cooperation in the field of exchanging information for tax purposes, which in turn enhances the competitiveness of the UAE and attracts more foreign investments. This highlights the importance of transparency and exchange of information for tax purposes and their role in achieving the principle of justice for taxpayers.
Al Khoori said, “The ministry is coordinating with all local government entities to ensure their compliance with international standards and agreements, as well as form working groups to follow up and implement transparency commitments, which strengthens the nation’s position at an international level.”
Under this MoU, the centre will provide tax information to the ministry in line with the bilateral agreements signed by the UAE with other countries with respect to the avoidance of double taxation agreements, and the Model Tax Convention on the Transparency and Exchange of Information. That, in addition to any agreement that meets the criteria set by the Global Forum on Transparency and Exchange of Information for Tax Purposes.