The Ministry of Finance organised a joint workshop with the Organisation for Economic Cooperation and Development (OECD) on international taxation, tax treaties, transfer pricing, and exchange of information.

The workshop drew the participation of federal entities, namely the Central Bank of the UAE, Securities and Commodities Authority, and Federal Tax Authority, as well as financial free zones, namely the Dubai International Financial Centre and the Abu Dhabi Global Market, alongside experts in taxes and tax treaties from around the globe.

The workshop focused on several important topics, including the role of tax treatment of passive income, updating the OECD transfer pricing guidelines, and the Standard on Automatic Exchange of Financial Account Information (AEOI).

The sessions highlighted the pivotal role of international tax principles and tax treaties in encouraging investment, and the value of cooperation and mutual understanding, through regional dialogue in the joint investment program between the Middle East and North Africa region and OECD.

The topics focused on the importance of continuing successful cooperation with the OECD, aimed at exchanging expertise and experiences in building strong tax partnerships in the Middle East and North Africa region, and exchanging information for tax purposes. The workshop is especially timely since the world stands at a crossroads, today, between an economy that is rapidly moving towards globalisation and a global evolving tax landscape, with companies expanding beyond local markets, making transactions more complex than ever before, making the role of informed and strategic tax planning more urgent than ever.

The Ministry’s team also highlighted the UAE’s efforts regarding the automatic exchange of information, especially what the country has achieved regarding the Common Reporting Standard. The Ministry’s strategy to achieve the requirements of this standard was highlighted, especially in the legal aspect and the effectiveness of its implementation.

Shabana Begum, Executive Director of the Tax Policy Sector at the Ministry of Finance, delivered the closing remarks at the workshop.

The UAE, jointly with the Organisation for Economic Cooperation and Development, organises this workshop annually since 2006, bringing together officials from the region and abroad, to exchange knowledge and expertise.