The collaboration is part of international tax agreements signed by the UAE to lay the groundwork for cooperation in the exchange of information for tax purposes.
The UAE’s ministry of finance (MoF) has signed an MoU with Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone Authority (SAIF Zone) to cooperate in the exchange of information for tax purposes.
HE Younis Al Khoori, the Undersecretary of MoF, said, “Such agreements strengthen the country's position on various global competitiveness indices and contribute to attracting more foreign investment to the UAE.”
The MoF stated that under the agreement, the tax information centre will provide the ministry with information and data, in line with the bilateral agreements signed by the UAE with other countries, which meets the criteria set by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The MoF is working with all relevant government entities to formulate effective mechanisms to ensure compliance with international standards and conventions in exchange of information for tax purposes, said Al Khoori.