Ministry Of Finance And Ajman Free Zones Sign MoC To Enhance Tax Information Exchange Services

The Ministry of Finance (MoF) has entered into a Memorandum of Cooperation (MoC) with Ajman Free Zones Authority (AFZA). This agreement aims to offer consultancy services for exchanging tax information. These services will be delivered via MoF’s "Tax Information Exchange Projects Inquiries" platform, which uses artificial intelligence to address customer queries about key tax information exchange requirements.

Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, and Ismail Al Naqi, Director-General of Ajman Free Zones Authority, signed the MoC. The signing was attended by Shabana Begum, Executive Director of the Tax Policy Sector at the MoF, along with other officials from both organisations.

Younis Haji AlKhoori stated, "This partnership with Ajman Free Zones is yet another significant step towards realising 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."

The collaboration focuses on responding to customer inquiries related to tax information exchange requirements. It also involves sharing data and providing essential statistics to continuously monitor and improve service delivery processes.

This memorandum aligns with both entities' dedication to enhancing cooperation and offering exceptional advisory services. It supports the UAE government's goals of improving government service quality and implementing initiatives under the Zero Government Bureaucracy Programme.

The platform addresses inquiries about Economic Substance Regulations, the Common Reporting Standard, FATCA, and reporting for multinational enterprises. By leveraging AI technology, it aims to streamline responses and improve efficiency in handling tax-related queries.

The MoC signifies a commitment to advancing digital solutions that simplify processes for customers. This initiative is part of broader efforts to foster confidence in the UAE's tax system by ensuring quick access to accurate information.

With inputs from WAM