Under the direction of the Organisation for Economic Cooperation and Development (OECD), many Participating Jurisdictions have committed to, and are establishing, a global standard for the Automatic Exchange of Financial Account Information based on the Common Reporting Standard (CRS) to obtain and exchange financial account information of overseas tax payers on an annual basis. United Arab Bank (UAB) is committed to complying with its obligations under CRS as well as other tax compliance regimes, including the United States Foreign Account Tax Compliance Act (FATCA) provisions which were enacted as part of the US Hiring Incentives to Restore Employment (HIRE) Act.
Like the Industry at large, UAB may be required to collect certain tax-related information and/or documents from clients in order to ensure compliance with CRS. In certain circumstances, UAB will be required to report and share such information and/or documents with the appropriate tax authorities in order to ensure its compliance with CRS and applicable enabling legislation.
CRS commenced from 1 January 2016 for ‘early adopter’ countries, which have preliminarily committed to first exchange information in September 2017 relating to the 2016 calendar year. For ‘late adopter’ countries which includes United Arab Emirates, CRS will commence from 1 January 2017, with the first exchange of information expected to be undertaken by such jurisdictions in September 2018.
To learn more about CRS, including the status of jurisdictions’ commitment to participation in CRS, visit the OECD Automatic Exchange of Information portal.
The impact of CRS on individuals and entities will depend on a number of factors, including:
To comply with its obligations under CRS, UAB may be required to collect certain tax-related information and/or documents from you, and confirm their currency with you, from time-to-time. In addition, UAB may be required to report and share information regarding you and your Financial Accounts with the appropriate tax authorities in compliance with CRS.
Specifically, in order to identify your country (or countries) of tax residency, you may be required to complete one of the applicable forms listed below:
UAB, as a responsible local bank, is committed to supporting governments worldwide in their efforts to improve cross-border tax compliance. Further, the requirements of CRS are enacted into local law in participating jurisdictions, meaning that UAB will be legally obligated to comply with such requirements.
Please note: The details provided on this page are intended to help understand the CRS requirements and are not intended to serve as tax advice. If you are uncertain of your CRS status or the impact of this regulation, please consult a professional tax advisor.
