UAE Business News

Ministry of Finance, Dubai Free Zones Council sign MoU on exchange of information for tax purposes

DUBAI, 17th January, 2023 (WAM) –The Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with the Dubai Free Zones Council (DFZC) on the exchange of information for tax purposes. This comes in line with the ministry’s continuous efforts to ensure the commitment of various government entities in the UAE to the international tax obligations and agreements signed by the country.

The MoU, signed today in Dubai, aligns with the regulations and standards adopted by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).

Younis Haji Al Khoori, Under-Secretary of Ministry of Finance; and Dr. Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, signed the MoU on behalf of MoF and DFZC, respectively. The signing ceremony was attended by a number of officials from both parties.

Al Khoori reaffirmed the ministry’s keenness to bolster means of cooperation with various federal and local government entities in the country in the field of exchanging information for tax purposes. This is to ensure their compliance with international standards and agreements in this field, and to achieve justice and transparency for taxpayers – both corporates and individuals.

“The Ministry of Finance is keen to expand its network of agreements on the exchange of tax information to enhance the stability and transparency of the financial climate in the country. This contributes to consolidating the UAE’s advanced position on global competitiveness indices and attracting more foreign direct investments inflows into the country,” he said.

Dr. Al Zarooni lauded the prudent measures taken to consolidate the strong international position of Dubai and the UAE as preferred global destinations for investments and companies. He also praised such measures for enhancing the leading position of Dubai and the UAE on international indicators of compliance, transparency, ease of doing business, and the integration of their organisational structure with the investment-attractive environment.

Al Zarooni also stressed on the importance of DFZC exchanging tax information with MoF in order to enhance user experience of free zones, being a key driver for a flexible and sustainable future economy.

Under this MoU, DFZC will provide the necessary tax information to MoF, in line with the Avoidance of Double Taxation Agreements that the UAE has signed with other countries, and with international agreements related to transparency and exchange of information by international bodies and institutions. DFZC will also adhere to the standards set by the Global Forum.

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