![]() ![]() 9 of 2016 and establishes the framework for the exchange of information between UAE Reporting Financial Institutions (“UAE RFIs”) and the U.S. The UAE-US IGA was ratified pursuant to Federal Law No. The UAE-US IGA is a Model 1B IGA and accordingly does not provide for reciprocal information sharing by the US. The UAE signed an Intergovernmental Agreement with the United States of America on 17 June 2015 with an effective (“go-live”) date of 1 July 2014 (“UAE-US IGA”). FATCA requires Foreign Financial Institutions (“FFIs”) outside the US to report information on financial accounts held by US persons. It was enacted by the US in 2010 as part of the Hiring Initiative to Restore Employment (“HIRE”) Act. The CRS went live in the UAE with an effective go-live date of 1 January 2017.Ĭertain UAE authorities and UAE MoF have issued UAE CRS legislation (collectively referred to as “UAE CRS Regulations”).įATCA is a United States (“US”) automatic exchange of information regime designed to curb offshore tax evasion by US persons. The OECD Standard sets out the required information to be exchanged, the types of entities required to report, the different types of financial accounts and account holders in scope and the common due diligence procedures to be followed by UAE RFIs. ![]() 54 of 2018 and the MCAA according to Federal Law No. The MAC was ratified by the UAE according to Federal Law No. The UAE signed the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”), the Declaration of Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“MCAA”) and the Unilateral Declaration in April 2017.īoth the MAC and MCAA form the legal basis for the implementation of The Standard for Automatic Exchange of Financial Account Information (“AEOI”) in Tax Matters, Second Edition (“OECD Standard”) in the UAE. The CRS was developed in response to the G20 request by the Organization for Economic Co-operation and Development (“OECD”) during the Global Forum held in Berlin and came into force in October 2014. ![]()
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