MoF signs MoU with RAK Maritime City on the exchange of information for tax purposes

MoF signs MoU with RAK Maritime City on the exchange of information for tax purposes

ABU DHABI, 18th August, 2021 – In line with its commitment to ensure that all federal and local government entities comply with UAE tax agreements, the Ministry of Finance (MoF) signed
a memorandum of understanding (MoU) with RAK Maritime City (RMC) regarding the exchange of information for tax purposes under the international tax agreements concluded by the UAE.
The MoU aims to lay the foundations for mutual cooperation in the exchange of information for tax purposes.
Younis Haji Al-Khoori, Undersecretary of MoF, and Roger Claskin, CEO of RMC, signed the MoU – which took place virtually.
Al-Khoori stressed the importance of signing the MoU with RMC, noting that such agreements enhance the UAE’s competitiveness on various global competitiveness indices, and contribute to attracting more foreign investments to the country – given the fairness that transparency in the exchange of information achieves to taxpayers.
He said: “The Ministry of Finance is constantly seeking to cooperate and consolidate joint work with all concerned entities in the country, to ensure compliance with international standards and agreements. The ministry is also keen on setting up task forces to monitor the implementation of transparency obligations, thereby strengthening the country’s position at the international level.”
As per the MoU, RMC will provide tax information and data to MoF, in line with the bilateral agreements signed by the UAE with other countries, which include agreements on the avoidance of double taxation and the agreement on transparency and the exchange of information, as well as any other agreement that complies with the standards set by The Global Forum on Transparency and Exchange of Information for Tax Purposes.