MoF Organises "Sixth Assessor Training Seminar" Of The Global Forum On Transparency And Exchange Of Information For Tax Purposes

Based on the Memorandum of Understanding (MoU) signed between the UAE and the Global Forum on Transparency and Exchange of Information for tax purposes; the Ministry of Finance (MoF) organised the “Sixth Assessor Training Seminar”. The event witnessed global participation and took place on 9-11 December, in Ajman.

The seminar was attended by HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector, on behalf of MoF and Majid Ali Omran Director of International Financial Relation as well as a number of tax specialists. The seminar was also attended by international and local tax specialists from more than 30 countries in addition to HE Walid Khalil Al Hashimi, Director General of the Financial and Administrative Affairs Department in Ajman and a number of UAE government entities such as the Central Bank and the Abu Dhabi, Sharjah and Ras Al Khaimah Departments of Finance.

On behalf of MoF, HE Khalid Ali Al Bustani welcomed the participating delegations in his opening speech and said: “The UAE continues to work alongside the Organisation for Economic Cooperation and Development (OECD) and Global Forum on Transparency and Exchange of Information for Tax Purposes to set common goals and initiatives in order to enhance institutional and human capacities as well as exchange experiences on the mechanisms for exchange of information for tax purposes.”

HE added: “The fact that this conference is being held in the UAE reflects the high level of trust that our country holds amongst other countries, organisations and relevant financial institutions. This is especially true following the UAE’s partnership with the World Bank to create a unit for the exchange of information within MoF.”

During the seminar, MoF presented a working paper on international cooperation through exchange of tax information, which discussed the foundation of a global system for automatic exchange of tax information between all countries as well as the associated legal rules. The paper also discussed the significance of international cooperation and the exchange of tax information in improving the ability to manage tax systems. In addition, MoF reviewed some of its agreements and contributions which constitute a milestone in the exchange of tax information at an international level.

Furthermore, the paper also highlighted the UAE’s commitment with regards to international tax standards of the exchange of tax information, while pointing out the possible risks faced by the national economy if those are not applied and referring to the procedures adopted by the UAE to strengthen their commitment. These standards include the establishment of a unit for the exchange of tax information in accordance with international standards and the expansion of a network of agreements pertaining to double taxations and exchange of tax information.

At the end of the seminar, participants declared a number of recommendations, which highlighted the importance of the exchange of information for tax purposes and agreements to strengthen cooperation and follow the principles of transparency between relevant authorities. This was needed to support the global economy as well as to set the principle of justice for taxpayers, whether companies or individuals.

The recommendations also emphasised the importance of promoting the exchange of information on global economies between countries in order to ensure the correct application of tax treaties with regards to the work and activities of taxpayers carried across borders; since the provisions of this agreement provide a legal framework for the tax authorities to practice cross-border cooperation without violating the sovereignty of other states or the rights of taxpayers.

Emirate:  Ajman

Date: Dec 12, 2013

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