AJMAN: The Ajman Department of Finance and the Federal Tax Authority (FTA) have signed a Memorandum of Understanding (MoU) regarding the rules and standards for disclosing information held by the Authority or its employees.

The MoU aims to strengthen supervisory procedures to ensure that information security and confidentiality are maintained in accordance with best practices in the field.

The agreement was signed by Marwan Ahmed Al Ali, Director General of the Ajman Department of Finance, and Khaled Ali Al Bustani, Director General of the FTA.

The MoU falls within the framework of strengthening cooperation and establishing a tax environment that encourages compliance with the best standards of governance and transparency. It also ensures adherence to legislation regulating the disclosure of information.

Following the signing, Marwan Al Ali emphasised that the department is committed to boosting cooperation with various local and federal government agencies for the mutual benefit of all, thereby enhancing
the competitiveness of the emirate and the UAE. He noted that the agreement represents a positive step towards strengthening the strategic cooperation between the Department of Finance and the Federal Tax Authority.

Khaled Al Bustani stated that the MoU provides a legal framework for exchanging information with clarity and accuracy. This contributes to strengthening cooperation between the Authority and the Department based on the best institutional standards and consolidating coordination in areas of common interest. He noted that these efforts are in line with the Authority’s plans to maintain a tax environment that encourages compliance and stressed the Authority’s ongoing commitment to strengthening strategic partnerships with the relevant government and private authorities for their pivotal role in ensuring the successful implementation of the tax system.

Source: Emirates News Agency