Younis Haji Al Khoori, Undersecretary of Ministry of Finance (MoF), met today with Mr. Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration at the Organisation for Economic Cooperation and Development (OECD) and his accompanying delegation.

Both parties discussed common-interest issues, strategic relations, and means of strengthening cooperation between the UAE and the OECD.

Khalid Al Bustani, Director General of the Federal Tax Authority (FTA); Saeed Rashid Al Yateem, Assistant Under Secretary of the Resource and Budget Sector at MoF; Ms. Azza Mohammed Al Suwaidi, Director of Revenue Development at MoF; and Mr. Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations, as well as several officials from MoF and the FTA, attended the meeting.

During the meeting, Al Khoori stressed on the importance of the joint cooperation with the OECD, and reaffirmed the UAE’s commitment to the OECD standards, especially in exchanging information for tax purposes. He said: “The UAE is keen to coordinate with the OECD in all relevant areas, in line with its commitment to implement international tax standards and practices with the highest levels of transparency with regard to tax related matters.”

Al Bustani said: “The UAE adopts well-thought-out balanced financial and tax policies, legislations, and systems that meet the objectives of the national development plans, while ensuring commitment to the highest levels of transparency and preventing harmful financial and tax practices. This is to meet international requirements for the management and application of tax systems. The UAE will continue to support international efforts to combat base erosion and profit shifting, to contribute to the continuous improvement of the global economic environment.”

The meeting deliberated the UAE’s progress in implementing international tax standards, the Base Erosion and Profit Shifting (BEPS), as well as the latest updates on the requirements of the Country by Country Reporting (CBCR), the Economic Substance Regulations (ESR), and the Common Reporting Standard (CRS). That, in addition to the UAE’s readiness to implement the global consensus on Pillar 1 and 2 to Address the Tax Challenges arising From the Digitalisation of the Economy.

Furthermore, both parties discussed the inclusive framework on Carbon pricing and the extension of the UAE-OECD strategic partnership by renewing the UAE-OECD MoU for 2022-2024. Additionally, both parties reviewed the OECD’s ongoing work in the economic field and tax reform in the UAE.

MoF signed an MoU with the OECD in 2007, which is periodically renewed to build a strong tax partnership for the Middle East and North Africa region by sharing experience and seeking solutions to common problems in the exchange of information for tax purposes.

Source: Emirates News Agency