The Ministry of Finance (MoF) has signed a memorandum of understanding (MoU) with Dubai Multi Commodities Centre (DMCC), which will work towards ensuring international standards of transparency in the exchange of information for tax purposes.

The signing ceremony coincided with the second annual U.A.E. Government Summit, an initiative of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.

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The MoU was signed by Younis Haji Al Khouri, Undersecretary of MoF and Ahmed bin Sulayem, Executive Chairman of DMCC , in the presence of Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF, as well as a number of employees from both parties at the Ministry’s Headquarters in Dubai.

The agreement will implement transparency and a clear exchange of information between both MoF and DMCC, ensuring that a principled process is applied to tax legislation that affects both companies and individuals.

The agreement also aims to strengthen the cooperation between the competent authorities responsible for the exchange of information for tax purposes, elevating the UAE’s tax practices in line with a global benchmark.

Younis Haji Al Khouri, undersecretary of 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.

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"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."

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 His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the U.A.E. and Ruler of Dubai?s vision to establish Dubai as the main global economic hub".

MoF 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 organised and will host a series of meetings with various stakeholders to guide them in the implementation of the legal framework and its recommendations.