June 21: The United Arab Emirates, represented by the Ministry of Finance (‘MoF’) has signed an agreement with the United States, in relation to implementation of Foreign Account Tax Compliance Act (‘FATCA’).
The UAE has signed the Model 1 IGA on 17th June 2015, which states that the first report forthe year ended 2014, must be submitted by MoF to the United States by 30th September 2015.
The IGA provides for limited / reduced information reporting for calendar year 2014, withenhanced reporting requirements for 2015 and 2016 onwards.
As per Article 12 of the IGA, the agreement shall enter into force on the date of the UnitedArab Emirates’ written notification to the United States, that the United Arab Emirates hascompleted its necessary internal procedures for entry into force of this Agreement.
UAE based financial institutions will be required to submit their report to their regulatory body (i.e. UAE Central Bank, the Securities and Commodities Authority, Insurance Authority, and the Dubai International Financial Centre), the details of which are expected to be announced shortly.
Read the Model 1 IGA [PDF 246 KB] with the UAE.
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