Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, noted that: “this agreement strengthens the ties between the UAE and the OECD and will help reduce the tax barriers to trade and investment flows both within the region and between MENA and OECD countries.”
The UAE, in a press release, confirmed its commitment to high standards of international cooperation in the tax area. The UAE was one of more than 80 countries to contribute to the OECD report “Tax Co-operation: Towards a Level Playing Field – 2006 Assessment by the Global Forum on Taxation”.
“The OECD very much welcomes the UAE’s endorsement of the standards of transparency and exchange of information in the tax area that are published in that report,” Mr. Owens commented. “We are pleased to see one of the world’s fastest growing financial centres joining OECD countries and other financial centres in working towards a level playing field in these areas. I hope other major financial centres will follow this example.”
The OECD’s tax work on transparency and exchange of information is designed to enable countries to fully and fairly enforce their tax laws A total of 33 jurisdictions have committed to work with OECD countries under the auspices of the OECD’s Global Forum on Taxation to improve transparency and to establish effective information exchange for tax purposes. Many other countries and international organizations have also endorsed these principles. Current efforts are aimed at encouraging all countries to work towards the achievement of a global level playing field by implementing high standards of transparency and exchange of information for tax purposes.
