UAE signs MoU with global forum on transparency and exchange of information for tax purposes

Abu Dhabi: The UAE, represented by the Ministry of Finance (MoF), signed on Tuesday a Memorandum of Understanding (MoU) on the application of international standards with the Head of the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes, at the Ministry’s headquarters in Abu Dhabi.

The signing was timed to coincide with the actions taken by the Global Forum in implementing the second phase of its work.

Moreover, the MoU gives the UAE the advantage of hosting a series of seminars on international standards of transparency and exchange of information for tax purposes between the MENA region and other countries.

“The UAE won a seat at the International Steering Committee for the exchange of information as the first Arab country to be elected to this position. This achievement is a result of its constant active efforts as a member in the Forum in addition to its commitment to international standards for the exchange of information,” he added.

According to the call of G20 and the Organisation for Economic Co-operation and Development (OECD) for all countries to join the Global Forum on Transparency and Exchange of Information for Tax Purposes, which was established in 2009, the Ministerial Council for Services issued decree No. (45/4G / 4) for 2010.

The decree handles the UAE membership in the Forum, which includes 104 countries that seek to confirm thier commitment to the standards of international transparency and exchange of information for tax purposes.

They may be prevented from accessing the Group's negotiations on the avoidance of double taxation or unrelated tax actions.