Sharjah 24: The Sharjah Finance Department signed a memorandum of understanding with the Federal Tax Authority (FTA) regarding the disclosure of information in the possession of the authority or its employees, determining the cases, in which it is permitted to disclose information and the associated procedures for monitoring, security, subsequent disclosure, and accuracy of information.
The ceremony took place at the headquarters of Sharjah Finance Department, where the memorandum was signed by His Excellency Walid Al Sayegh, Director General of the Sharjah Finance Department, and His Excellency Khaled Ali Al Bustani, Director General of the Federal Tax Authority, in the presence of a number of top officials and employees of both parties.
In this context, His Excellency Walid Al Sayegh said that the memorandum establishes an effective and long-term strategic partnership between the two parties, and aims to provide a framework for the legal disclosure of information by the authority to the department within the limits permitted in the relevant legislation regarding disclosing information in the possession of the authority or its employees.
Al Sayegh pointed out that the memorandum includes both parties’ acknowledgment not to disclose or share information except in specific cases according to approved legal foundations, and based on it, data related to a specific tax payer or data and statistics about tax amounts and administrative fines that have not been approved for disclosure by the authority’s Board of Directors will be excluded.
Al Sayegh stressed that the signing of the memorandum falls within the authority’s keenness to strengthen its strategic partnerships with government entities in the UAE, including financial and tax authorities, within the framework of joint efforts aimed at achieving financial leadership and developing innovative techniques to achieve financial stability and sustainability, and mutual work to enhance tax concepts and sound practices.
His Excellency Khaled Ali Al Bustani said the memorandum of understanding signed between FTA and Sharjah Finance Department strengthens the frameworks of joint cooperation, to provide an effective legal framework for exchanging information based on foundations characterised by clarity and accuracy.
Al Bustani added that such step contributes to developing and strengthening the cooperation relations between the authority and department based on the best institutional standards, which provides mutual coordination in all areas of common interest, and in line with the authority’s plans to maintain a tax environment that encourages compliance.
Al Bustani extended his thanks to Sharjah Finance Department for its efforts to conclude a memorandum of understanding with FTA, which will have tangible positive effects, as it opens new horizons to contribute to achieving further improvement in the services provided to customers, and this comes within the framework of the authority’s keenness to strengthen its strategic partnerships with relevant federal and local government entities, as well as with the private sector.
The memorandum stipulates that the department shall be committed to storing data securely and informing the authority in the event of loss of data or incorrect disclosure. It is also committed to retaining data only if there is a business need that requires data to be kept, as well as submitting the data within the framework of the established guidelines when the business need is completed and provide assurances of the department’s compliance with these principles upon request.
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