Federal Tax Authority participates in cooperation forum of Belt and Road Initiative in Hong Kong

HONG KONG: The United Arab Emirates, represented by the Federal Tax Authority (FTA), participated in the 5th Forum on Cooperation between Tax Administrations for the Belt and Road Initiative, which was held in Hong Kong. The three-day forum was attended by representatives from tax authorities, international organisations, tax experts, and numerous companies from around the world. During the forum sessions, ways to enhance tax cooperation mechanisms between Belt and Road countries and regions were discussed. This was aimed at creating an environment that supports economic growth and joint coordination to maximise opportunities for improving tax efficiency, optimising systems, and expanding digital transformation. In a press release today, the FTA emphasised the importance of participating in this forum to learn about advanced technologies, policies and procedures followed and mechanisms for their application in accordance with best practices, and pointed to the role of the forum in establishing innovative a nd effective mechanisms for international cooperation and coordination, and exchanging experiences and information between tax authorities within the framework of the "Belt and Road". The FTA reiterated its commitment to expanding avenues of cooperation and coordination with relevant entities in the tax field. Federal Tax Authority explained that the forum serves as an important platform for addressing emerging tax challenges, based on best practices, and for implementing agreed-upon mechanisms under the Nur-Sultan Action Plan (2022-2024) regarding tax certainty, the digitalisation of tax administration, improving the tax environment, and enhancing capacities in this field. Source: Emirates News Agency