The United Arab Emirates (UAE) and the Organization for Economic Cooperation and Development (OECD) signed Thursday a memorandum of understanding (MoU) in Dubai to boost tax cooperation.

The OECD groups some 30 member countries sharing a commitment to democratic government and market economy.

According to an OECD press release, the UAE and OECD, under the MoU, will work together to establish a regional dialogue on the negotiation and application of tax treaties, as well as to produce an official Arabic version of the OECD Model Tax Convention.

The MoU "strengthens the ties between the UAE and the OECD and will help reduce the tax barriers to trade and investment flows both within the region and between MENA (Middle East and North Africa) and OECD countries," Jeffrey Owens, Director of the OECD's Center for Tax Policy and Administration, was quoted as saying.

The UAE was one of more than 80 countries to contribute to the OECD report "Tax Cooperation: Towards a Level Playing Field -- 2006 Assessment by the Global Forum on Taxation".

"The OECD very much welcomes the UAE's endorsement of the standards of transparency and exchange of information in the tax area that are published in that report," Owens added.

Source: Xinhua