MoF attends transparency conference in Madrid

A delegation from the UAE Ministry of Finance, or MoF, headed by assistant undersecretary of international financial relations sector Khalid Al Bustani participated in the recent Global Forum on Transparency and Exchange of Information for Tax Purposes in Madrid. This is in line with implementing the decisions of the Group of 20 and the MoF’s accession to the Organisation for Economic Cooperation and Development committees of the exchange of information for tax purposes. The MoF delegation included director of international financial relations Majid Ali Omran and economic consultant Dr Hamid Nasr, in addition to more than 185 experts from 110 countries. The objective behind these meetings is to move forward in implementing phase two of the Global Forum plan, which focuses on the effectiveness of the transparency and exchange of information practices. The meetings, which lasted for six days, included three main sessions: “Steering Committee Meeting”, “Competent Authorities Meeting” and “Peer Group Meeting”. These focused on methods to improve and enhance communication between the competent authorities, which is a main factor in developing these practices and ensuring their effectiveness besides pursuing initiatives aimed at improving cooperation between them. In this context, the MoF’s delegation briefly presented the UAE economy, its attractive investment environment and its experience in signing agreements to avoid double taxation, internationally and bilaterally, through signing Convention (63). The delegation also addressed the strategic partnership that brings together the UAE and the OECD of the exchange and sharing of experiences. This partnership was organised through the agreement that joins both parties to build a powerful network of expertise taxes for the region, where the OECD has taken the UAE as the regional centre across the Mena region. Furthermore, the Emirati delegation also reviewed the mechanisms adopted by the UAE in the areas of exchange of information with partner countries, which are brought together by bilateral agreements. The delegation also confirmed the UAE’s commitment to the different criteria set by the forum, which includes the confidentiality of the information and maintaining them.