On 17 July 2012, the Global Forum Secretariat entered into a Memorandum of Understanding (MOU) with the United Arab Emirates (UAE) confirming UAE’s commitment to the Global Forum’s work.
The MOU was signed in Abu Dhabi by Monica Bhatia, the Head of the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and Majid Ali Omran, Director of International Financial Relations in the UAE Ministry of Finance.
In recognition of the key role that transparency and the effective exchange of information in international tax matters play in investment decisions as well as the importance of promoting the understanding of the Global Forum’s work and the international standard through a regional dialogue, the UAE and the Global Forum Secretariat agreed to a programme comprising two seminars:
The first seminar, which will take place in November 2012, will focus on implementation issues relating to international exchange of information in tax matters, covering both policy issues and issues of practice. The event will draw on the experiences of Global Forum member jurisdictions to aid understanding of the various options and best practices in practical implementation of the international standard.
The second seminar, which will take place in the third quarter of 2013, will be an assessor training seminar. A detailed analysis of the Global Forum’s Terms of Reference will be combined with an examination of the role and responsibilities of assessors in conducting peer reviews.
The UAE will host both seminars, which will be specifically targeted on the Middle East and North African countries, but representatives from other jurisdictions may also be invited. The seminars allow the Global Forum to enhance its efforts in ensuring an effective implementation of the international standard in this region.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.