DISCLAIMER:
This Guidance Note is designed to provide information in relation to the implementation of the Automatic Exchange of Information for Tax Purposes-the Common Reporting Standard - (CRS) in the UAE and replaces any previous Guidance issued.
This document does not constitute legal or tax advice. Reviewing this document is not a substitute for: (i) reviewing and considering the relevant applicable laws in their entirety and in detail; and (ii) obtaining appropriate legal and tax advice.
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“The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
The Standard consists of the foll...