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FSRA publishes Foreign Account Tax Compliance Regulations and amendments to Common Reporting Standard RegulationsADGM FSRA 16/12/2022
In consultation with the UAE Ministry of Finance, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has announced the enactment of the Foreign Account Tax Compliance Regulations (FATCA Regulations) and amendments to the ADGM’s Common Reporting Standard Regulations 2017 (CRS Amendments).
The FATCA Regulations give effect to Cabinet Resolution No. 63 of 2022 regarding the exchange of information in relation to taxation related matters pursuant to an intergovernmental agreement between the United Arab Emirates and the United States of America. It sets out, among other things, the due diligence and reporting requirements on in-scope financial institutions and gives effect to a consistent schedule of violations and associated regime of administrative penalties across the UAE.
The CRS Amendments bring the existing regulations into alignment with the FATCA Regulations in terms of the manner in which they give effect to Cabinet Resolution No. 93 of 2021 regarding the exchange of information in relation to taxation related matters pursuant to the OECD’s common reporting standard.
The new and amended Regulations are publicly available and have been uploaded to the FSRA’s website.