The Ministry of Finance (MoF) organised a workshop today at the Movenpick, Dubai on the practical applications of the principles of tax agreements and international tax systems in partnership with the Organisation for Economic Co-operation and Development (OECD). The three day event is being held in line with the UAE’s efforts to enhance its partnerships with other countries and Arab states and with regional and international organizations. It also highlights the important role that the UAE’s economy plays globally.
A number of taxation and tax agreements experts from the GCC and the MENA region will be participating in the workshop, in addition to attendees from Asia, Africa, UAE Ministry of Foreign Affairs, Central Bank of the UAE, Abu Dhabi Investment Authority, Mubadala Development Company, Abu Dhabi National Energy Company (TAQA), Etihad Airways, Emirates Airline, and a number of local and international economic and consultancy organizations.
The workshop agenda includes discussions pertaining to technical aspects of interpreting and implementing Article 26 of OECD’s Model Tax Convention. These include unwarranted searches, retroactive principles, confidentiality principles and their applications for issues other than income and capital taxes, the rights of defendants and lawyers, the principle of reciprocity and notification procedures.
Commenting on the workshop, HE Younis Haji Al Khouri, Undersecretary of MoF said: “By organising this workshop, MoF aims to create a platform for the exchange of knowledge and expertise in areas pertaining to taxation practices and tax agreements in addition to creating an appropriate investment climate. The workshop will also highlight the UAE’s economic strategy of reinforcing its global and regional standing as the main centre for the Organisation for Economic Co-operation and Development’s activities in the region.”
Representatives from the OECD praised the UAE’s efforts in the MENA region which aid in strengthening the UAE’s economy on a global level and in diversifying sources of national income.
MoF had already set in place an action plan for strengthening its partnership with the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to create a strong tax network for the MENA region.