Common Reporting Standards In The UAE

The UAE's commitment to sharing financial data on individuals and entities under Common Reporting Standards (CSR) has been furthered reinforced by the Insurance Authority Board of Directors Decision No. 32 of 2017 Concerning the Common Reporting Standard Regulation.

The Common Reporting Standard is the brainchild of the OECD (Organization for Economic Cooperation & Development) and acts as the global standard for the collection and mutual exchange of financial information of tax residents, with over 100 countries party to the agreement it applies to both individuals and legal entities. The UAE which is party to the agreement will especially have its work cut out being a country where almost 84% of the population is made up of expatriates.