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The Automatic Exchange of Information (AEOI) refers to the periodic exchange of financial account information between the tax authorities, based on international agreements, aimed at enhancing global tax transparency and combatting tax evasion.
The UAE is fully committed to the AEOI framework through its participation in the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) regimes.
Under these regimes, UAE Reporting Financial Institutions (RFIs) are required to collect and report information on certain financial accounts to the Ministry of Finance on an annual basis. The UAE MoF subsequently exchanges this data with the US Internal Revenue Service (IRS) for FATCA, and with relevant authorities for CRS. The MoF may also facilitate ad-hoc information exchanges when required under these frameworks.
The CRS regime officially went live in the UAE on 1 January 2017. Subsequent guidance and legislation issued by the UAE MoF and relevant authorities are collectively referred to as the UAE CRS Regulations.
FATCA is a US regulatory framework introduced in 2010 under the Hiring Incentives to Restore Employment (HIRE) Act. Its primary objective is to prevent offshore tax evasion by US persons through the mandatory disclosure of financial account information held abroad.
To comply with FATCA, the UAE signed a Model 1B Intergovernmental Agreement (IGA) with the United States on 17 June 2015, with an effective date of 1 July 2014. This agreement enables the exchange of FATCA-related data between UAE RFIs and the IRS, facilitated by the UAE MoF.
The agreement was ratified under Federal Law No. 9 of 2016, forming the legal framework for FATCA implementation in the UAE.
All guidance and rules issued in this regard are collectively referred to as the UAE FATCA Regulations.
All UAE Reporting Financial Institutions are required to register on the CRS/FATCA system using the link: https://fatcacrs.mof.gov.ae and submit data and risk assessment by the stipulated domestic reporting deadline.
For system related support and queries, please contact 800533336 or info@mof.gov.ae
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