UAE signs multilateral tax assistance convention

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The United Arab Emirates has signed an international tax agreement – Multilateral Convention on Mutual Administrative Assistance in Tax Matters (commonly referred to as MAC), which is now seen as the ‘gold standard’ for co-operation in tax administration; becoming the 109th jurisdiction to enrol. The MAC is currently the most comprehensive multilateral instrument accessible for all forms of tax co-operation to attempt to combat tax avoidance and evasion, whilst guaranteeing extensive precautions for the protection of local taxpayers’ rights.