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UAE signs agreement on exchange of information for tax purposes with Norway

posted on 05/11/2015: 1997 views



OSLO: Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, is heading a UAE delegation visiting Norway, Denmark and Sweden, to explore ways of developing and promoting technical partnerships, as well as experience sharing on financial and economic affairs between the two parties.

The UAE delegation began its visit in the Norwegian capital of Oslo, where the Ministry of Finance, MoF, signed an agreement on the exchange of information for tax purposes as part of the Ministry's ongoing belief in the importance of exchanging information between countries and adopting a tax transparency approach.

The agreement was signed by Al Tayer and Norwegian Minister of Finance, Siv Jensen, in the presence of Younis Haji Al Khoori, Under-Secretary at the MoF, Mohammed Ibrahim Al Juwaied, UAE Ambassador to Norway, and a number of experts and specialists from both sides.

Commenting on the agreement, Al Tayer stressed the UAE's commitment to expanding its network of agreements on the exchange of information for tax purposes and adopting the best international standards when implementing these agreements. "These partnerships play a pivotal role in ensuring the principle of justice for individual or company taxpayers, protecting the national economy as well as the continuous efforts to follow up on the Global Forum on Transparency and Exchange Information for tax purposes, all of which are decisions that support the country's position as a financial and global business hub."

Al Tayer added, "The MoF continues its efforts to strengthen the UAE's financial, economic, and trade relations through signing agreements on the exchange of information for tax purposes. These partnerships have a positive impact in attracting foreign investments and expertise, which leads to enhancing the country's overall economic growth. The Ministry is working on a review of the financial and economic model as well as the country's successes in the sustainable economic development process."

The visit included a number of other meetings with Norwegian officials to exchange experiences and practices in areas of financial policy, tax systems, and the public budget that includes income, expenses, financial and economic innovation.

The two parties also discussed the importance of starting rounds of negotiations on agreements related to the avoidance of double taxation on income as well as the promotion and protection of investment. Similar agreements strengthen the economic and financial relations and facilitate the transfer of capital and trade exchange for both the public and private sectors. Al Tayer also stressed the importance of completing negotiations and signing an agreement on tax exemption for air transport.

The Minister concluded his visit by addressing an invitation to the Norwegian Minister of Finance to attend the 2016 Government Summit and participate in the closed meetings of finance ministers that discuss various elements, including financing innovation and financial policies reform, to raise the efficiency of government spending. . – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395287544202.html

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