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Home » Common Reporting Standard (CRS) Filing in DIFC
In 2010, the Foreign Account Tax Compliance Act (“FATCA”) was enacted by the United States (“US”) Congress to target non-compliance by US taxpayers using foreign accounts. FATCA requires Foreign Financial Institutions (“FFIs”) to report to the IRS information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest, in order to fight against tax evasion and encourage proper international tax reporting. Financial and certain non-financial institutions in participating countries must comply. For the complete list of participating countries that have enacted Common Reporting Standard legislation, please refer to this website provided by the Organization for Economic Cooperation and Development.
The UAE have CRS legislationDIFC legislation is set out in the Common Reporting Standards Law , DIFC Law No. 2 of 2018 (the “Law”) in relation to the information gathering and reporting obligations imposed on Reporting Financial Institutions under the Law and the Common Reporting Standards Regulations 2018 (the “Regulations”) collectively referred to as the “DIFC CRS”.
The MOF is the Competent Authority for CRS reporting in the UAE. DIFC CRS legislation is administered by the DIFC Registrar of Companies (“ROC”), even for authorised firms regulated by the DFSA.
The following are some key points from the DIFC CRS:
Article 4 of the Law indicates that the DIFC CRS applies to:
Article 12 of the Law sets out collecting, reporting and record keeping obligations of the RFIs, the key requirements being:
Section II(E) of the Regulations provides that an RFI may use a service provider to undertake the due diligence requirements and the reporting obligations but states that those obligations continue to be the obligations of the RFI.
Sections II through VII of the Regulations sets out the obligations for specific account types that RFIs must review and report on as follows:
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