(MENAFN- Khaleej Times) The Ministry of Finance and the Central Bank of the UAE signed memorandum of understanding, or MoU, on Tuesday, in implementation of the Council of Ministers' resolution which authorises the Ministry to compile and exchange tax information regarding the fulfillment of requirements of the OECD Global Forum for transparency and exchange of information relating to bilateral agreements on double taxation.
The MoU requires the Central Bank to provide the ministry with all the banking data relating to bank customers' tax-related information. Such exchange of information may not be restricted by reasons of crime duplicity or local tax requirements. The two parties also agreed on a mechanism for the compilation and exchange of banking data relating to ownership, identity information and accounting records, which are requested by countries which signed bilateral agreements for avoidance of double taxation with the UAE.
The MoU was signed for the Ministry of Finance by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and for the Central Bank by Sultan bin Nasser Al Suwaidi, governor of the Central Bank of the UAE. Â
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