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UAE Finance analyzes relations with the Economic Cooperation Organization

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The Undersecretary of the Ministry of Finance, Younes Haji Al-Khoury, discussed with the Director of the Center for Tax Policy and Administration of the Organization for Economic Cooperation and Development “OCED” Pascal Saint-Mans, issues of common interest and relationships and ways strategies to strengthen the work and cooperation between the UAE and the organization.
This came during a meeting attended by Khaled Al Bustani, Director General of the Federal Tax Authority, Deputy Assistant Secretary for Resources and Budget Affairs Saeed Rashid Al Yateem, Director of the Revenue Department Azza Muhammad Al Suwaidi, Director of the Foreign Relations Department International Finance and Organizations Abdullah Ahmed Al Obaidli, as well as a number of officials from the Ministry of Finance and agency.

During the meeting, Younis Haji Al-Khoury highlighted the importance of joint cooperation with the Organization for Economic Cooperation and Development, highlighting the country’s commitment to the standards adopted by the organization, especially in the field of information exchange for tax authorities, and said: “The UAE wishes to continue cooperation and coordination with the Organization for Economic Co-operation and Development in various fields. The relevant authorities, to ensure their commitment to international best practices and standards in accordance with the highest levels of transparency in fiscal fields.

For his part, Khalid Al Bustani said: “The UAE implements well-considered and balanced fiscal and financial policies, laws and systems that meet the goals of ambitious national development plans while ensuring commitment to the highest levels of transparency. and avoid harmful financial and tax practices in a way that meets international requirements for managing and implementing tax systems and ensuring state leadership in them.” He stressed that the UAE will continue to support international efforts to combat tax base erosion and profit shifting to contribute to the continuous improvement of the global economic environment.

The meeting reviewed the progress made by the UAE in applying international tax standards and implementing the Base Erosion and Profit Shift Agreement (BEPS), as well as the latest developments related to CBCR requirements, activities economic realities, ESR and Common Reporting Standard (CSR), in addition to discussing the scope The readiness of the UAE to implement the global agreement on Axis 1 and 2 with respect to facing the fiscal challenges arising from economic digitization.

The meeting discussed the comprehensive framework for carbon pricing and the issue of extending the strategic partnership linking the UAE with the Organization for Economic Co-operation and Development through the renewal of the memorandum of understanding signed between the two parties. for the period 2022-2024, in addition to reviewing the most outstanding work carried out by the Organization for Economic Cooperation and Development in the economic field and tax reform in the country.

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