Dubai – Mubasher: The UAE is working on carrying out all the necessary requirements specified by the European Union (EU) pertaining to the trading of tax-related of information, said UAE Ministry of Finance undersecretary Younis Haji Al Khoori.
The top official projected that the UAE will be removed from the EU’s list of non-compliant countries “very soon”, forecasting that his country will be removed by no later than the end of the first quarter of 2018, according to Al Ittihad newspaper.
There are currently no economic impacts from the EU issue, Al Khoori told the newspaper.
Last week, the UAE recently said it was both “surprised and disappointed” to have been included to the EU’s list of non-compliant tax jurisdictions.
“We have committed to a reform process which will be finalised by October 2018, and we are absolutely confident this will ensure the UAE is swiftly removed from the list,” Al Khoori had said.
Since the start of 2017, the UAE has “worked transparently” with the EU to make sure that it meet the criteria laid down by European Union Member States.
“As the [EU] has itself noted, we have addressed each and every issue the EU has raised. We have drafted, legislated and implemented significant reforms to ensure that we remain in lock-step with our OECD partners and international best practice,” Al Khoori had said.
