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Foreign Account Tax Compliance Act (“FATCA”) is a United States (“US”) federal law with a global outreach aimed at curbing offshore tax evasion by US persons. It was enacted by the US in 2010. FATCA requires Financial Institutions outside the US referred to as Foreign Financial Institutions (“FFIs”) to report information on financial accounts held by US persons.

Following on from FATCA, the Organization for Economic Cooperation and Development (OECD) has formed an initiative for global tax transparency known as the Common Reporting Standard (CRS). CRS requires financial institutions resident in a participating jurisdiction to identify and report any reportable accounts.

For more details refer to our detailed Blog through this link.

FATCA and CRS reporting compliance need to be done on an annual basis.

Recently, UAE Ministry of finance has come up with a new platform (https://fatcacrs.mof.gov.ae/#/) wherein reporting financial institutions need to register and submit their FATCA/CRS reports.

The timeline for filing for the financial year ended 31st Dec 2021 is 30th June 2022.

Please note that this memo is for information purposes only and should not be construed as an advice. It does not necessarily cover every aspect of the topics with which it deals. You should not act upon the contents of this alert without receiving formal advice on your particular circumstances.

If you would like to discuss Audit, Tax, Accounting, Advisory & VAT services, please drop us an email at info@premier-brains.com or call us at + 971 4 3542959.

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