Wednesday 25, July 2018 by Jessica Combes

MoF and RAK International Corporate Centre agree on exchange of information for tax purposes

 

The UAE Ministry of Finance (MoF) signed a memorandum of understanding (MoU) with RAK International Corporate Centre on the exchange of information for tax purposes, as part of the UAE's international tax agreements.

The signing took place at the Ministry's headquarters in Dubai.

HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance and Dr. Sameer Al Ansari, CEO of the RAK International Corporate Centre signed the agreement, in the presence of a group of executive directors, directors of departments and Ministry employees.

HE Younis Haji Al Khoori stressed the importance of this agreement 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.

"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," said Al Khoori.

Under this agreement, the Centre will provide tax information to MoF 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.

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more