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The United Arab Emirates's Ministry of Finance announced on May 5, 2015, that it has signed a memorandum of understanding (MoU) with the Ras Al Khaimah Investment Authority (RAKIA), a free zone operator, on the exchange of information for tax purposes.
Under the deal, the Authority agrees to provide the Ministry of Finance with information on the ownership and identity of persons registered with the RAKIA, and the accounting records and banking details of companies.
Khalid Ali Al Bustani, the Assistant Undersecretary of International Financial Relations Sector at the Ministry of Finance, said: "The signing of this agreement and its implementation across all targeted entities at the state level is considered a real tool in promoting the UAE as a distinguished center for attracting investment. It shows investors our commitment to international tax agreements and to raising the level of transparency and exchange of information for tax purposes, as essential elements in double taxation avoidance treaties for companies and individuals."
The Ministry of Finance signed a similar MoU with Umm Al Quwain Free Trade Zone Authority in April 2015.
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