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UAE Says BEPS Inaction To Blame For EU Blacklisting

by Lorys Charalambous, Tax-News.com, Cyprus

07 December 2017


The Government of the United Arab Emirates has expressed its surprise and disappointment at being included by the European Union in a list of non-cooperative tax jurisdictions.

In a December 7 statement, the Government said: "We remain fully committed to maintaining the highest international standards of financial oversight and tax regulation, and will continue to work with our international partners to deliver this."

The UAE's Undersecretary of the Ministry of Finance, Younis Haji Al-Khouri, said: "The UAE has worked to meet the European Union's requirements in terms of exchanging tax-related information. We have committed to a reform process which will be finalized by October 2018, and we are absolutely confident this will ensure the UAE is swiftly removed from the list. We look forward to moving into the next phase of cooperation with our EU partners on the important issue of tax regulation."

The Government said that, since early 2017, the UAE has worked transparently with European Union states to ensure that the UAE meets the criteria laid down by European Union member states to be seen as a cooperative territory in tax matters.

The Government said that of the international tax standards the country has and hasn't adopted, "the sole outstanding issue is the implementation of the base erosion and profit shifting minimum standards, which we have committed to finalize by October 2018 and ratify by March 2019 – giving our federal structure sufficient time to allow for ratification across the seven emirates. We stand by this realistic timeline."

"We will continue to work with our international partners on this issue, and are confident that we will be recognised as an internationally compliant partner at the EU's next review."

TAGS: United Arab Emirates | Finance | tax | tax avoidance | law | standards | regulation | Europe | BEPS

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