HE Abdul Aziz Al Ghurair, the Chairman of UAE Banks Federation

Regulation

UAE on EU tax blacklist due to poor communication, says UBF Chairman

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The list was compiled in 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

Thursday 14, March 2019 BY KUDAKWASHE MUZORIWA

The Chairman of the UAE Banks Federation (UBF) said that the European Union’s ( EU) decision to include the UAE on its blacklist of tax havens was caused by lack of communication between the EU and the UAE government.

The EU’s updated blacklist of tax havens this week includes existing transgressors American Samoa, Guam as well as Samoa, Trinidad and Tobago and US Virgin Islands, while new entries are Aruba, Barbados, Belize, Bermuda as well as Dominica, Fiji, Marshall Islands, Oman, Vanuatu and the UAE.

Abdulaziz Al-Ghurair, Chairman of the UAE Banks Federation, said that in the near future this will be solved, the UAE had issues like this in the past and they were resolved.

“The UAE’s Ministry of Finance is currently working with all stakeholders at local and international levels to reach a plan that meets all the required standards within the specified period of time,” added HE Younis Haji Al Khoori, the Undersecretary of the Ministry of Finance.

The UAE is confident that the EU will lift the UAE’s name from its list of non-cooperative jurisdictions for tax purposes.

TAGS : UBF, Abdul Aziz Al Ghurair, tax haven list , EU

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