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RAK Free Zone Commits To Share Tax Info

by Lorys Charalambous,, Cyprus

18 November 2014

The Ministry of Finance of the United Arab Emirates (UAE) announced that it recently signed a memorandum of understanding (MoU) with the Ras Al Khaimah Free Trade Zone (RAKFTZ), to ensure that tax information is shared in line with international standards on transparency and information exchange.

The agreement will ensure that the zone provides the Minister with information on the tax affairs of companies and individuals to support the nation's efforts to meet international standards. It establishes improved cooperation between the competent authorities responsible for the exchange of information for tax purposes.

Commenting on the MoU, Younis Haji Al Khoori, Undersecretary of the Ministry, said: "The Ministry is committed to work with like-minded partners to support the national economy. This commitment is reflected through the signing of the MoU with RAKFTZ."

He added that the Ministry "continuously seeks to strengthen its cooperative relationships with various federal and local Government entities in the UAE in order to attract more investments and guarantee prosperity in the UAE, which in turn will contribute to the UAE's GDP."

The Ministry is authorized to collect and exchange information and data on natural persons and legal entities licensed to operate in the UAE, including in free zones, to comply with its obligations under double tax agreements with other countries.

The business incentives offered by RAKFTZ include zero percent tax on corporate and personal income, 100 percent foreign ownership, tax-free repatriation of capital and profits, and exemption from import and export duties.

TAGS: individuals | United Arab Emirates | compliance | Finance | tax | investment | business | tax information exchange agreement (TIEA) | tax compliance | tax avoidance | export duty | corporation tax | agreements | legislation | memorandum of understanding (MOU) | import duty | standards | trade | individual income tax | free trade zone | Ras Al Khaimah

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