© 2018 by Hansuke Consulting Limited

 

Hansuke Consulting Limited is registered in England and Wales number 10136213 with its registered office at: 71-75 Shelton Street, London WC2H 9JQ. Hansuke Consulting Limited is an accredited and regulated member firm of the Institute of Chartered Accountants in England and Wales (ICAEW).

 

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is International General Insurance Co (UK) Limited, of 133 Houndsditch London EC3A 7AH. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.

Contact our team
+44 (0) 203 865 0625
Automatic Exchange of Information - Middle East

The OECD’s Common Reporting Standard (“CRS”) went live across the following countries in the Middle East with effect from 1 January 2017:

 

  • Pakistan;

  • India;

  • The UAE;

  • Saudi Arabia;

  • Kuwait;

  • Qatar; and

  • Bahrain.

 

CRS places compliance obligations on all Financial Institutions operating in those jurisdictions.  Given that over 100 jurisdictions are participating in CRS, the impact will be significantly greater than FATCA.  Whilst CRS leverages heavily on FATCA, there are a number of subtle differences which have become evident in the first wave of countries which implemented CRS in  2016.

 

This means that all Financial Institutions (“FI”) operating in those jurisdictions must already have updated their on-boarding procedures to capture information ready for submitting the first returns in 2018. 

 

Implementation of CRS will impose a number of challenges in a region where there is no concept of tax residence and a substantial mobile expatriate population base.  Given that the focus is on the transient concept of tax residence rather than citizenship, robust procedures will need to be put in place to capture changes.

 

Our expert team of specialist advisers drawn from HMRC, big-4 accountancy, legal firm and industry will be able to share with you their practical experience of CRS implementation within the first wave of jurisdictions, with their deep knowledge of the region from implementing over 50 AEoI implementation projects.