The UAE’s Ministry of Finance (MoF) organised a virtual seminar titled ‘Taxation Agreements and Transfer Pricing’ in cooperation with the Organization for Economic Cooperation and Development (OECD) to discuss key developments related to international taxation.
Younis Haji Al Khoori, Undersecretary of MoF and a number of government officials, invited commercial and consulting firms, and negotiation experts from the invited countries attended the seminar.
Al Khoori emphasised the importance of such seminars in enhancing the tax environment and raising awareness of the latest developments - ultimately pushing forward more stable international tax rules. He also noted that the digitalisation of the economy brought its own set of challenges that require a unified global response.
Al Khoori said: “The UAE is devising a comprehensive network of taxation agreements to enhance the country's standing as a leading global hub for the commercial and financial sectors, increase its effective role in the exchange of information for tax purposes area, and provide comprehensive responses to its tax treaty partners.”
The seminar tackled various topics, including the latest developments related to international taxes, especially those related to the Base Erosion and Profit Shifting (BEPS) initiative; and ways to address the tax challenges arising from the digitalisation of the economy and transfer pricing. Also discussed was developing a unified response to mitigate the exceptional challenges facing the taxation agreement.
Since 2006, the UAE, in cooperation with the OECD, has organised more than 13 annual seminars to build a taxation agreements network in the Mena region, where officials from the region and the invited countries exchanged their experiences with the UAE and the OECD. – TradeArabia News Service