UAE Ministry of Finance (MoF) has signed a Memorandum of Cooperation (MoC) with Ajman Free Zones Authority (AFZA) in order to provide consultancy services for tax information exchange.
The memorandum is part of both entities’ commitment to enhancing cooperation and providing exceptional advisory services, contributing to the UAE government’s objectives of improving the quality of government services and implementing initiatives under the Zero Government Bureaucracy Program.
Under the MoC, both parties will collaborate on responding to customer enquiries regarding tax information exchange requirements. They will also exchange data and provide the necessary statistics to monitor and improve the service delivery processes continuously.
According to the statement, these services will be facilitated through MoF’s “Tax Information Exchange Projects Inquiries” platform, which leverages artificial intelligence (AI) to respond to customer inquiries about implementing key tax information exchange requirements, including Economic Substance Regulations, the Common Reporting Standard, FATCA, and reporting for multinational enterprises (MNEs).
HE Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, said that, “This partnership with Ajman Free Zones is yet another significant step towards realizing our leadership’s vision of driving digital transformation and simplifying services to meet customers’ needs.”
“Through an advanced digital platform, we seek to provide immediate answers to enquiries, reduce the time and effort required for tax transactions, and ultimately enhance the customer experience, boosting confidence in the UAE’s tax system,” AlKhoori further added.
