DUBAI: The Ministry of Finance, MoF, has signed a Memorandum of Understanding, MoU, with Ras Al Khaimah Investment Authority, RAKIA, aimed at ensuring the implementation of international standards of transparency in the exchange of information for tax purposes, as per Organisation for Economic Cooperation and Development, OECD, regulations and principles.
The MoU stipulates both parties’ commitment to exchange available information on ownership, identity, accounting records and banking details for LLC and any corporate person licensed by RAKIA; based on the implementation of the UAE’s double taxation avoidance and exchange of information agreements.
Khalid Ali Al Bustani stressed the Ministry’s commitment to circulating this memorandum to various departments and investment and free zones authorities, in an effort to support the nation’s economy by increasing competitiveness in foreign investment, raising the UAE’s GDP and achieving economic prosperity.