Dubai: The Ministry of Finance recently signed a Memorandum of Understanding (MoU) with the Umm Al Quwain Free Trade Zone Authority (UAQ FTZ). This agreement has been signed to ensure 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 was signed by Khalid Ali Al Bustani, Assistant Under-Secretary of International Financial Relations at the finance ministry and Sultan Saeed Sultan Al Ali, executive director of the Port, Customs and Free Zone Establishment in the Government of Umm Al Qaiwain, during a ceremony which was also attended by Younis Haji Al Khoury, Under-Secretary at the finance ministry, and Majid Ali Omran, director of the International Financial Relations Department at the finance ministry.
