The UAE Ministry of Finance has signed an MoU with Jebel Ali Free Zone (Jafza) for the application of international standards on transparency and exchange of information for tax purposes.

The agreement aims to strengthen the co-operation 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.

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.

The deal is aimed at 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, said Younis Haji Al Khouri, the undersecretary of Ministry of Finance after signing the deal with Salma Ali Bin Hareb, the CEO of Economic Zones World and the Jebel Ali Free Zone.

The signing ceremony was held in the presence of Khalid Ali Al Bustani, the 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 VP of Legal Affairs and General Counsel in Jafza.

Al Khouri pointed out that the agreement highlights the ministry’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.

In her comments, 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," stated Ali Bin Hareb.

"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," she added.-TradeArabia News Service