UAE Reviews Progress Regarding Tax Transparency

The UAE government held a meeting in Dubai where local ministries attended to discuss matters such as the UAE’s progress and development according to global tax transparency requirements.

The meeting was intended to prepare and organize matters for the second assessment (Phase Two) , where the Organization for Economic Cooperation and Development's Global Forum would examine Transparency and Exchange of Information for Tax Purposes. During the second stage, the organization will assess how efficiently the UAE authorities exchange information between them. During the Phase One, the Organization for Economic Cooperation and Development's Global Forum on Transparency and Exchange of Information for Tax Purposes reviewed the UAE’s legal structure and treaty agreement which would consequently enable exchange of information.  During the meeting, the officials also discussed recent improvements made on the tax information exchange.

It is a known fact that the UAE is the first Arab country to be part of the International Steering Committee. This only became possible when the UAE’s Ministry of Economy signed a Memorandum of Understanding (MoU) with the Secretariat of the Global Forum on the Transparency and Exchange of information, thus enabling them to participate in the committee.

Besides the Memorandum of Understanding (MoU), the Ministry also signed five other MoUs regarding transparency and exchange of information with key organizations and free zones, like the Jebel Ali Free Zone, the Fujairah Free Zone Authority, and the Dubai Multi Commodities Centre, UAE Central Bank and the Dubai International Financial Center