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In 2010, the United States enacted FATCA to increase income tax reporting by US taxpayers on assets held in offshore accounts and through “Non-US Entities”. FATCA imposes new reporting and
withholding obligations on foreign financial institutions and certain other foreign persons which must be complied with in order to avoid a 30 percent US withholding tax on certain US-source payments
and “passthru” payments that such non-US persons receive.
The United Arab Emirates signed Model 1 B IGA on 17th June 2015.
A copy of the IGA is available here.
The UAE FATCA Guidelines can be found
Unregulated Entities FATCA Registration Form can be found
FATCA Reporting for the Reporting Year 2017 begins on 15th March 2018.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work on transparency and exchange of information for tax purposes has
been carried out by both OECD (Organization for Economic Co-operation and Development) and non-OECD economies since 2000.
In the context of the financial crisis that developed in 2008, the G20 called for actions against non-cooperative jurisdictions, including tax havens.
Since its restructuring in 2009, the Global Forum has become the key international body working on the implementation of the international standards on tax transparency.
The Global Forum ensures that the high standards of transparency and exchange of information for tax purposes are in place around the world through its monitoring and peer review activities.
There are two internationally agreed standards on exchange of information for tax purposes:
In 2013, the G20 endorsed AEOI, followed up by the approval of Common Reporting Standard (CRS) in 2014. The global model of automatic exchange of information has been drafted with respect to
financial account information.
CRS has been designed to maximize efficiency and reduce costs for financial institutions and draws its approach extensively from the FATCA implementation.
CRS as a reporting regime covers a broad scope across three dimensions:
The UAE has committed to implement the CRS, with the first exchange to take place by September 2018
The UAE CRS Guidelines can be found
More information on the CRS can be found
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