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UAE's MoF Signs Tax Transparency MoU With DMCC

by Lorys Charalambous, Lowtax.net, Cyprus
19 February, 2014

The United Arab Emirates' (UAE) Ministry of Finance (MoF) has signed a memorandum of understanding (MoU) with the Dubai Multi Commodities Center (DMCC), the UAE'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 Younis Haji Al Khouri, Undersecretary of the MoF, and Ahmed bin Sulayem, Executive Chairman of the DMCC.

The agreement will implement transparency and a clear exchange of information between the MoF and the DMCC, elevating the UAE's tax practices in line with a global benchmark.

Commenting on the MoU, Younis Haji Al Khouri, Undersecretary of the MoF said: "The Ministry is committed to work with like-minded partners to support the national economy. This commitment is reflected through the signing of the MoU with DMCC."

The Undersecretary added: "MoF continuously seeks to strengthen its cooperative relationships with various federal and local government entities in the UAE in order to attract more investments and guarantee prosperity in the UAE, which in turn will contribute to the UAE's GDP."

Commenting on the importance of the MoU, Ahmed Bin Sulayem, Executive Chairman, DMCC said: "As the international hub for trade and enterprise, DMCC, the UAE'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 an 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 establish Dubai as the main global economic hub."

The Ministry of Finance has already set about ensuring key stakeholders in the UAE become acquainted with the legal framework on the exchange of information related to tax, as recommended in the "Evaluation of the UAE" report. The Ministry has organized and will host a series of meetings with various stakeholders to guide them in the implementation of the legal framework and its recommendations.

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