The agreement also aims to strengthen the cooperation between the competent authorities responsible for the exchange of information for tax purposes
Dubai: A Memorandum of Understanding (MoU) has been signed between the Ministry of Finance (MoF) and Dubai Multi Commodities Centre (DMCC), to ensuring international standards of transparency in the exchange of information for tax purposes.
The agreement will implement transparency and a clear exchange of information as well as strengthen the cooperation between both MoF and DMCC, ensuring that a principled process is applied to tax legislation that affects both companies and individuals, elevating the UAE’s tax practices in line with a global benchmark.
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.
Source; WAM
