FATCA / CRS Complaince

Following the US government’s adoption of the Law on the Taxation of Foreign Accounts (FATCA), which mandates that all foreign financial institutions should sign an agreement on the exchange of information with the IRS. The financial institutions in the UAE have also adopted these new requirements.

European Union produced the Common Reporting Standard, or CRS, which is an analogous FATCA, by using the same model. All residents of the nations included on the AEOI (Automatic Exchange of Information) list are covered by this solution. Financial institutions in the UAE, that have signed the information exchange agreement and joined this list automatically give the tax authorities of the European Union and other nations on this list information about all non-resident accounts and their beneficiaries.

Our team reviews and submits the reporting requirements for the clients under the FATCA and CRS through the Ministry of Finance (MOF) and DIFC portals. We download the XL templates, prepares the data files offline, validates the attributes, and uploads the files in the mandated format.