UAE to implement OECD Exchange of Information
2 June 2017
The United Arab Emirates Ministry of Finance (“MoF”) has re-emphasised its commitment to signing the Multilateral Competent Authority Agreement (“MCAA”) to facilitate the automatic exchange of financial account information with over 100 jurisdictions in 2018. This will require FIs in the UAE to start capturing relevant details from next year.
It has been reported that the MoF recently met with the UAE regulatory authorities to agree on the implementation of effective processes and procedures for the Automatic Exchange of Tax Information.
The authorities included:
The UAE Central Bank;
The Insurance Authority;
The Securities and Commodity Authority;
The Dubai International Financial Centre; and
Abu Dhabi Global Market.
In line with the approach to implementing CRS, these would be the bodies that would be responsible for the development of guidance for the sections of the industry that they supervised, together with processing the individual returns. The MoF has committed to a timetable for the exchange of financial account information in 2018. It is noted that it has given a commitment to providing an update report to the OECD Global Forum by July 2017 with the aim of achieving a rating of either “fully compliant” or “largely compliant”. This would be impossible to achieve without implementing CRS.
Tel: +44 (0) 203 865 0626
Senior Principal Tel: +44 (0) 203 865 0625