A Memorandum of Understanding (MoU) was signed between the UAE Ministry of Finance (MoF) and the Dubai Free Zones Council (DFZC) on the exchange of information for tax purposes. This move comes in line with the ministry’s efforts to ensure the commitment of government entities to international tax obligations and agreements signed by the UAE.
The agreement signed aligns with regulations and standards adopted by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The signing took place at the Ritz-Carlton, Dubai.
“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 investment inflows into the country,” said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.
Alzarooni stressed 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 the signed MoU, Dubai Free Zones Council will provide the necessary tax information to the Ministry of Finance, in line with the avoidance of double taxation agreements that the UAE has signed with other countries and with international agreements.
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