MoF signs MoU with Jebel Ali Free Zone for the application of international standards on transparency and exchange of information for tax purposes

Strengthening the UAE’s position on the world’s economic map and being aware of the importance of the exchange of information and its impact on the regional and global economic growth, the Ministry of Finance (MoF) recently signed a memorandum of understanding (MoU) with Jebel Ali Free Zone (Jafza) in its Dubai premises. Jafza is a leading organisation in the group of global economic regions in the application of international standards on the principles of transparency and exchange of information for tax purposes. 

HE Younis Haji Al Khouri, Undersecretary of MoF, signed the MoU on behalf of the Ministry and HE Salma Ali Bin Hareb, CEO of Economic Zones World and the Jebel Ali Free Zone, signed on behalf of Jafza. The signing took place in the presence of HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations; Ibrahim Mohamed Al Janahi, Deputy CEO Jafza and Chief Commercial Officer; Asim Abbasi, Chief Financial officer at Jafza International and Ahmed Al Awadi, Senior Vice President of Legal Affairs and General Counsel in Jafza. 

This agreement aims to strengthen the cooperation between the two authorities responsible for the exchange of information for tax purposes as well as to ensure the application of the principle of justice for tax payers that include companies and individuals.  

Commenting on this MoU, HE Younis Haji Al Khouri said: “According to the Council of Ministers’ Resolution No. (17) for the year 2012, the Ministry continues to conclude agreements with the concerned authorities in the UAE for the purpose of gathering and exchanging information and data for individuals and entities authorised to work in the UAE, which is in accordance with the recommendations legal framework report on exchange of tax information.” 

HE added: “The signing of the MoU for the application of international standards on transparency and exchange of information for tax purposes with Jafza highlights MoF’s commitment to the implementation of all international agreements in this field, in order to provide the maximum amount of logistical support for the UAE’s economy and enhance the attractive investment climate.” 

For her part, HE Salma Ali Bin Hareb said: “We, in Jafza, are always keen on establishing the principle of transparency in the exchange of information at every level, including customers and strategic partners. Moreover, we are certain that this agreement, which comes in line with our commitment to the principle of transparency, will contribute significantly in supporting the exchange of information between the Jebel Ali free zone and the Ministry of Finance. In fact, this consolidates our position as one of the most important trade and logistic hubs in the region as well as strengthening the role of the UAE as a gateway for cultural and commercial connections with the Eastern and Western world.” 

HE Hareb added: “Being a part of the community, Jafza will not hesitate in the future to conclude further agreements or partnerships that will help in enhancing the competitiveness of the UAE on a global scale and that will contribute to the growth of the total foreign direct investment (FDI), which comes as a top priority at Jafza. This joint cooperation agreement with various government and private entities is the best and speediest way to enable further progress and prosperity.” 

MoF also signed earlier this year a similar MoU with Fujairah Free Zone Authority to promote the exchange of information in the global economy between countries in order to ensure the correct application of tax agreements in taxpayers’ cross-border activities and work.