UAE & Norway sign Tax Exchange Information Agreement

The United Arab Emirates (UAE) Ministry of Finance (MoF) emphasized its commitment to increasing its tax exchange information agreement network as well as assuming international standards while introducing these agreements.

Recently, a UAE delegation visited the Scandinavian countries, including Denmark, Sweden and Norway. The UAE Miniter of State Affairs, Obaid Humaid Al Tayer, led the UAE delegation. The purpose of the visit was to establish and strengthen relations between the parties as well as exchange knowledge and experience on economic and financial matters.

The UAE delegation first visited Oslo, the capital of Norway. Upon their visit, the UAE Minister of State Affairs, Al Tayer  and the Norwegian Minister of Finance,  Siv Jensen signed the Tax Exchange Information agreement in the presence of other high officials such as Mohamed Ibrahim A., the , Undersecretary of the UAE MoF. This is part of the UAE  Ministry of Finance (MoF) is committed to adopt tax transparency approaches with countries throughout the globe as the country believes it is very important to exchange information amongst governments.

The UAE Minister of State Affairs, Al Tayer, emphasized the UAE’s dedication in increasing its Tax Exchange Information agreements network as well as applying international standards upon implementation of the agreements since these agreements play a crucial role in making sure justice is served when it comes to company taxpayers and individual taxpayers. The minister also pointed out that the agreements help protect the national economy. Furthermore, the minister stressed the significance of the agreements in the country’s efforts to abide by the Global Forum on Transparency and Exchange Information concerning taxation, which support the UAE global financial and business hub status.

According to the Minister, the UAE MoF continuously tries to strengthen the UAE’s economic, financial as well as trade relationships by expanding its Tax Exchange Information Agreements. These agreements help the UAE attract foreign investments and businesses. In turn, the investments and businesses boost the UAE economic growth.

During their Norway visit, the UAE delegation met with a number of Norwegian officials to exchange information and knowledge as well as discuss various matters such as tax systems, financial policies and public budget. The two parties also addressed other important matters such as enhancing investment as well as avoidance of double taxation on income.