The European Union's decision to include the United Arab Emirates on its bl...
DUBAI - The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said.
The list was created in 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills. “Because we have chosen to be an international financial center, we have to comply with the world’s regulations ...” Al-Ghurair said. “We had issues like this in the past and they’ve been solved.”
Mergers so far have only happened in single emirates, but Al-Ghurair said cross-emirates mergers would be a “good sign.”
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