At the Paris headquarters of the Operation for Economic Cooperation and Development (OECD), the UAE’s ambassador to France signed the multilateral convention on mutual administrative assistance in tax matters, reports International Adviser.
The UAE is the 109th country to sign the treaty and will begin exchanging information by 2018.
The convention provides for all forms of administrative assistance in tax matters; including exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection.
It also guarantees extensive safeguards for the protection of taxpayers' rights.
The convention was developed jointly by the OECD and the Council of Europe in 1988.
It was amended in 2010 to respond to the call by the G20 to align it to the international standard on exchange of information and to open it to all countries, thus ensuring that developing countries could benefit from the new more transparent environment.