UAE signs tax administration assistance deal

25/04/2017 05:46 AST

The Ministry of Finance, MoF, has announced that the UAE has signed an agreement on the Convention on Mutual Administrative Assistance in Tax Matters, MAC, at the headquarters of the Organisation for Economic Cooperation and Development, OECD, last week in Paris, France.

The MAC follows the UAE’s commitment to implement international standards and requirements of the exchange of information for tax purposes, and its membership of the Global Forum on Transparency and Exchange of Information.

The MAC was signed by Maadhad Hareb Mughair Al Khaili, UAE Ambassador to France, in the presence of Rintaro Tamaki, Deputy Secretary-General of the OECD, and representatives from MoF and OECD.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed the country’s commitment to implementing international requirements and the legal framework adopted by OECD to enhance tax transparency and exchange of information between countries.

He said, “The Ministry of Finance is committed to the responsibility entrusted to it by the UAE Cabinet, which is the collection and exchange of information for tax purposes in coordination with the concerned authorities in respective countries.

This responsibility lies in the framework of bilateral agreements on the avoidance of double taxation previously signed by the UAE, and now falls under the Agreement on Mutual Administrative Assistance in Tax Matters.”

Al Tayer added, “MAC is considered the legal framework for the exchange of information for tax purposes on individuals and institutions residing in the 108 countries which have signed this Agreement to date.

These countries include the G20, OECD member countries, countries with emerging economies and financial centres, as well as a number of developing countries.

The agreement aims to promote transparency and cooperation in the field of taxation among these member states, following G20 directives to strengthen the international taxation system and create a transparent environment for taxation, which has become an international priority to address tax evasion.”

The Gulf Today