The Ministry of Finance, or MoF, has signed a memorandum of understanding with Ras Al Khaimah Free Trade Zone, also known as RAK FTZ, at the ministry’s headquarters in Dubai, which will work towards ensuring international standards of transparency in the exchange of information for tax purposes.
The MoU was signed by Shaikh Mohammed bin Humaid Al Qasimi, managing director of RAK FTZ, and Younis Haji Al Khoori, Under-Secretary of the MoF, in the presence of a number of employees from both parties.
The agreement will implement transparency and a clear exchange of information between both MoF and RAK FTZ, ensuring that a principled process is applied to tax legislation that affects both companies and individuals.
The agreement also aims to strengthen the cooperation between the competent authorities responsible for the exchange of information for tax purposes.
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