The Sharjah Finance Department signed a memorandum of understanding (MoU) 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.

Walid Al Sayegh, Director-General of the Sharjah Finance Department, and Khaled Ali Al Bustani, Director-General of the Federal Tax Authority, signed the MoU at Sharjah Finance Department headquarters, in the presence of a number of top officials and employees of both parties.

In this context, 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 Bustani said the MoU strengthens the frameworks of joint cooperation, to provide an effective legal framework for exchanging information based on foundations characterised by clarity and accuracy.

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 providing assurances of the department’s compliance with these principles upon request.