The meeting underscores the UAE’s commitment to applying the highest international standards in various areas of governance, specifically in transparency and taxation … reports Asian Lite News.
Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, recently met with Pierre Moscovici, the European Union, EU, Economic Affairs Commissioner, in Brussels, Belgium.
Also present at the meeting were Mohammed Issa Al Suwaidi, UAE Ambassador to the Kingdom of Belgium, EU and Luxembourg, as well as members of the accompanying delegation.
The meeting underscores the UAE’s commitment to applying the highest international standards in various areas of governance, specifically in transparency and taxation.
During the meeting, Al Tayer praised the continued cooperation and coordination between the UAE and the EU. He stressed the UAE’s commitment to adhere to EU standards on fair tax and tax transparency and its implementation of the Organisation for Economic Co-operation and Development, OECD, standards in the near future.
He said, “The UAE has made strides towards fiscal transparency and fair taxation. This is evidenced by the nation receiving a ‘largely compliant’ rating by the Global Forum’s Fast-Track review on the implementation of the international standard on exchange of information on request (the EOIR standard). This is in addition to the UAE joining the Inclusive Framework on Base Erosion and Profit Shifting, BEPS, and adhering to the BEPS minimum standards, including countering harmful tax practices, countering tax treaty abuse, country-by-country reporting at a minimum, and improving dispute resolution mechanisms.”
Al Tayer added, “The UAE has also introduced the new Central Bank and Money Laundering laws, as it seeks further progress in this area. Furthermore, the state signed the Multilateral Convention, MLI in June 2018 to apply the standards of tax treaties aimed at preventing tax erosion and transfer of profits. Additionally, the UAE has signed the Multilateral Competent Authority Agreement on the Exchange of Country-By-Country, CbCR MCAA.”
On the exchange of information for tax purposes, the UAE has signed the Convention on Mutual Administrative Assistance in Tax Matters, MAC, and a multilateral competent authority agreement, MCAA, while adhering to the Common Reporting Standard, CRS. The first exchange of information was in September 2018, in line with the schedule put in place by the OECD, and as approved by the Group of 20, G20.
During the meeting, Pierre Moscovici praised the UAE’s efforts on tax transparency and fair taxation. He stressed the importance of the UAE as an economic partner of the EU, as well as the desire of both parties to strengthen their mutual relations by enhancing the confidence and adhering to the necessary standards as a tool to accomplishing notable feats in the area of tax transparency and disclosure.