The Ministry of Finance has signed a Tax transparency Memorandum of Understanding with the Dubai Multi Commodities Center. The U.A.E’s largest and fastest-growing free trade zone, at the Ministry’s Headquarters in Dubai, which will assist in ensuring international standards of transparency in the exchange of information for tax purposes.
The MOU was signed by HE Younis Haji Al Khouri, Undersecretary of MOF and Ahmed bin Sulayem, who is the Executive Chairman of DMCC. The MOU agreement will implement transparency and a clear exchange of information between the MOF and the DMCC, ensuring that a principled process is applied to tax legislation that affects both companies and individuals.
The agreement’s aims is to strengthen the cooperation between the competent authorities responsible for the exchange of information for tax purposes, elevating the U.A.E’s tax practices in line with a global benchmark.
Commenting on the MOU, to support the national economy, the Ministry is committed to work with like-minded partners. This commitment is reflected through the signing of the MOU with DMCC. Also the MOF continuously seeks to strengthen its cooperative relationships with various federal and local government entities in the U.A.E in order to attract more investments and guarantee prosperity in the U.A.E, which in turn will contribute to the U.A.E’s GDP.
Commenting on the importance of the MOU, as the international hub for trade and enterprise, DMCC, the U.A.E’s largest and fastest growing free zone, has and will continue to increase the flow of trade through Dubai and continue to make a significant contribution to the growth of the economy.
“At DMCC we always look at ways of improving efficiencies. Signing a MOU with the Ministry of Finance will further enhance collaboration across both Government entities to increase foreign direct investment and GDP contribution as we continue to demonstrate our commitment to his Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the U.A.E and Ruler of Dubai’s vision to establish Dubai as the main global economic hub.”
The Ministry of Finance has been already set about ensuring key stakeholders in the U.A.E become acquainted with the legal framework on the exchange of information related to tax, as recommended in the “Evaluation of the U.A.E” report. To guide the various stakeholders in the implementation of the legal framework and its recommendations, the Ministry has organized and will host a series of meetings with the various stakeholders.
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