The Ministry of Finance and the Department of Land and Real Estate Regulation in Ajman signed a memorandum of understanding on the exchange of information for tax purposes under international tax agreements with the aim of enhancing the competitiveness of the United Arab Emirates and increasing the flow of foreign investments.

The agreement was signed by His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, and His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation in Ajman.

His Excellency Younis Haji Al-Khoury stressed the importance of signing a memorandum of understanding with the Department of Land and Real Estate Regulation in Ajman to lay the foundations for joint cooperation with regard to exchanging information for tax purposes. His Excellency said: “The Ministry of Finance is keen to continue signing such memoranda with all concerned authorities in the country to provide information and tax data to the ministry in order to exchange them with other countries to ensure the optimal application of international agreements and standards of transparency, and to maintain the country’s financial and commercial position on various indicators of global competitiveness, which contributes to attracting more foreign investment to the country.

On his part, His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, stressed that the Department always seeks to build and strengthen strategic partnerships that support the direction of the United Arab Emirates and enhance its competitiveness on the global economic map, expressing his happiness at signing this memorandum, which confirms the Department’s commitment to the applicable laws and regulations in the country, and its keenness to enhance transparency and exchange of information for tax purposes, as they are two essential elements in achieving the principle of justice for taxpayers from companies and individuals.

Under this memorandum, the Department of Land and Real Estate Regulation will provide information and tax data to the Ministry of Finance, in line with the bilateral agreements signed by the UAE with other countries, which include agreements to avoid double taxation, the Model Agreement on Transparency and Exchange of Information, in addition to any other agreement that adheres to the standards set by the Global Forum for Transparency and Exchange of Information.