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CRS, FATCA & DOUBLE TAX TREATY NETWORK UPDATE

December 12, 2016
 
Foreign Account Tax Compliance Act (FATCA)
With 2016 almost coming to an end, financial institutions should check their compliance with FATCA rules.
1.  Each institution should make ensure that its FATCA registration is up to date – in particular the contact details of the Responsible Officer and Points of Contact – so that all system notifications are received on time.
2.  On-boarding procedures should also be reviewed, as starting from 1 January 2017 withholding agents should of
Form W-8IMY.
 
Automatic Exchange of Information in the UAE
The Ministry of Finance (MoF) once again announced that the UAE will begin effectively implementing the Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information and the Foreign Account Tax Compliance Act (FATCA). The legal framework should be put in place shortly so that the Ministry is able to collect data by 2017 and activate the exchange of information for tax purposes from 2018.
To read more, click here.

Double Tax Treaty Factsheet
Enclosed we are sharing an insight on the recent developments in the double tax treaties and investment protection treaties entered into by the UAE.
Click here for the link
Contacts
 
Magdalena Mozdzierz
Tax Manager
T +971 (0) 4 295 57 27
M +971 (0) 55 513 47 96

mozdzierz@m-hq.com
 
Sophia Yazane
Head of Tax
T +971 (0) 4 295 57 27
M +971 (0) 55 658 89 55

yazane@m-hq.com
















 
Please feel free to contact us (tax@m-hq.com) for any question about these developments and their implications for your business.






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