International Tax Reporting

Overview

Tax avoidance and tax evasion threaten government revenues. In many other countries, the lost revenues run into billions of United States dollars. The impact means fewer resources for infrastructure and services such as education and health, lowering standards of living in both developed and developing countries. Tax evasion is a predicate offence in the UAE.

Key to combating tax evasion has been international tax co-operation and the effective exchange of information between countries. The Organization for Economic Cooperation and Development (OECD) has been at the forefront of international efforts to promote all forms of information exchange - including on request, spontaneous and automatic and addressing the Base Erosion and Profit Shifting (BEPS) through economic substance tests. The UAE government is firmly committed to the above initiatives and has signed various international treaties and agreements with the United States and the OECD.

ADGM takes its responsibility as a competent authority within the UAE very seriously and continues in its support of that commitment by entering into a Memorandum of Understanding (MOU) with the Ministry of Finance (MOF) to ensure that Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) are implemented and regulated.

The FSRA enacted regulations in July 2017 to comply with the OECD’s CRS.

Detailed information on these regulatory reporting requirements are addressed in detail below.

Recent developments

The Foreign Account Tax Compliance ACT (FATCA)

Common Reporting Standard (CRS)

Ministry of Finance FATCA and CRS Guidelines

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