The UAE Ministry of Finance (MoF) has signed an agreement with Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone Authority (SAIF Zone) on the exchange of information for tax purposes. The MoU comes as part of the MoF's continuous efforts to ensure that all federal and local government entities comply with the UAE tax agreements. It is part of international tax agreements signed by the UAE to lay the groundwork for mutual co-operation in the exchange of information for tax purposes, remarked Younis Haji Al Khoori, Undersecretary of MoF, after signing the deal with Saud Salim Al Mazrouei, the director of HFZA and SAIF Zone.Al Khoori, stressing the importance of the deal in defining clear mechanisms of mutual cooperation in exchange of information for tax purposes, said: "Such agreements strengthen the country's position on various global competitiveness indices and contribute to attracting more foreign investment to the UAE; investors seek a transparent and fair investment climate for taxpayers and that’s what we strive to achieve."

"The Ministry of Finance is tirelessly working with all relevant government entities in the nation to formulate effective mechanisms to ensure compliance with international standards and conventions in exchange of information for tax purposes - the cooperation and commitment of these entities should be commended," he stated. "The ministry formed joint task forces with them to ensure we fulfil the nation’s obligations in line with the highest standards set forth by the Global Forum on Transparency and Exchange of Information for Tax Purposes, thus bolstering the UAE's standing on this front globally," he added.