ARTICLE · 04 NOVEMBER 2021

FATCA/CRS - Reporting Alert

Grant Thornton

As you may be aware, Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting is an annual compliance requirement in the UAE.

United Arab EmiratesTax

Steven Ireland

Muhammad Bhagat

As you may be aware, Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting is an annual compliance requirement in the UAE. For the financial year ended 31 December 2020 (FY20), relevant businesses and entities are required to submit their FATCA and CRS filings via the Ministry of Finance (MoF) FATCA/CRS Portal, unless specified otherwise by the relevant regulator. These filings can be submitted from 15 May 2021 to 30 June 2021 for FY20.

It is strongly recommended that entities consider whether they meet the Financial Institution criteria as per the applicable FATCA and CRS Regulations or not. It is not correct to assume that the entity classification as per their license and under FATCA and CRS regulations would be same.

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FATCA/CRS - Reporting Alert

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