The UAE has been recognised as one of the top countries in the world when it comes to fighting tax evasion. In a new report by the IMD World Competitiveness Centre in Switzerland, the UAE took second place globally in combating tax evasion and came in fifth for how well its tax policies work.

This update was shared during a Cabinet meeting in Abu Dhabi, led by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Key officials, including Sheikh Mansour bin Zayed and Sheikh Maktoum bin Mohammed, also attended the session.

According to the Cabinet, these strong results are linked to the steady development of the UAE’s tax system. So far, around 520,000 companies have signed up for corporate tax, and 470,000 are now part of the VAT system. These numbers show just how much progress has been made in making sure businesses are following the rules and contributing to the country’s economy.

Also during the meeting, the Cabinet gave the green light to 44 new international deals. These cover economic growth, development, and government cooperation. On top of that, talks will soon begin with 30 countries to negotiate agreements that protect and support international investments.

All these moves show how the UAE is working to build strong partnerships and keep improving how it manages its financial and economic systems.