Thursday 08 December 2022 - 11:34:05 pm

Ministry of Finance, OECD organise joint seminar on transfer pricing and taxation treaties


ABU DHABI, 6th December, 2021 (WAM) -- The Ministry of Finance (MoF) is organising a three-day joint seminar with the Organisation for Economic Cooperation and Development (OECD) on transfer pricing and taxation treaties from 6th-8th December, 2021.

The seminar aims to discuss transfer pricing and taxation treaties in addition to their latest developments, and a number of solutions regarding taxation-related challenges arising from the digitisation of the economy, as well as developments on the subject of international taxes.

Younis Haji Al Khoori, Under-Secretary of MoF, and Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration at the OECD, inaugurated today the seminar, which features more than 100 experts from the MENA region in addition to representatives of several federal and local authorities.

Al Khoori welcomed the participants and expressed his profound appreciation for the valuable work done by the members of the OECD Secretariat in delivering solutions to the direct taxation-related challenges arising from digitisation of the economy through the two-pillar solution to ensure tax certainty.

He explained that the integration of national economies and markets have increased rapidly while putting a strain on the international taxation rules and noted that although digital transformation spurs innovation and generates efficiencies that extend to services, the speed of these changes introduced challenges in many areas including tax.

He stressed that reforming the international taxation system to address taxation-related challenges, as well as support businesses in the digital age, is a top priority of the BEPS project.

Al Khoori explained that the two-pillar solution will address taxation challenges arising from digitisation and promote problem-solving skills to establish good practices, in addition to enhancing inclusion and highlighting the key role of international cooperation in utilising growth opportunities arising from digitisation.

Al Khoori said, "Since 2006, the UAE and the OECD have jointly organised 14 annual seminars to facilitate the development of tax treaty networks in MENA countries with the aim of meeting their needs to increase their integrated economies. These seminars have brought together officials from the MENA region and participants from other countries to share their expertise and experience with the OECD and the UAE, reflecting the long cooperation and strategic partnership between the UAE and the OECD."

He thanked Saint-Amans for his participation in the seminar, noting his eagerness to further cooperation between the UAE and the OECD in all areas of mutual interest.

The UAE is developing a comprehensive network of taxation treaties to enhance its position on the global competitiveness map as a leading global centre in the commercial and financial sectors. This would increase the country's performance in the areas of exchanging tax information and providing comprehensive responses to its taxation treaty partners.

The seminar will be taking place in-person in Dubai with limited seating to maintain physical distance, however sessions will also be streamed virtually to accommodate a large number of participants.

WAM/Amjad Saleh/Hazem Hussein