Abu Dhabi [UAE] June 5 (ANI/WAM): The Ministry of Finance recently participated in the 10th Global Forum Competent Authorities Conference on Transparency and Exchange of Information for Tax Purposes, held in Tbilisi, Georgia.
More than 160 specialists from 77 countries attended the conference to share their practical experiences in the exchange of information for tax purposes on request (EOIR) and the automatic exchange of financial account information (AEOI), in addition to the latest educational and guidance tools issued by the Organisation for Economic Cooperation and Development (OECD).
The Ministry's delegation included Asma Al Zarooni, Head of Exchange of the Tax Information Section, and Reem Al Suwaidi, International Relations Executive.
Several senior officials from the OECD and member countries of the Global Forum on Transparency and Exchange of Information for Tax Purposes also participated in the conference.
The conference discussed the latest developments regarding the exchange of information, tools and mechanisms issued by the forum pertaining to the requirements of the real beneficiary, the Common Reporting Standard (CRS) system, the exchange of information for tax purposes on request (EOIR), and the protection and confidentiality of information.
The conference also presented case studies of several countries and their experiences with regard to exchanging information on request including Tunisia, Georgia, Germany and Singapore.
Furthermore, participants discussed the future of the automatic exchange of financial account information (AEOI) on various types of income, as well as the importance of the CRS as a tool for combating tax evasion while ensuring its effectiveness and accurate implementation through the compliance frameworks set by different countries.
The UAE became a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2010. (ANI/WAM)