The Dubai International Financial Centre (DIFC) and the UAE Ministry of Finance (MoF) notified financial institutions that between 1 June and 30 June 2020, the DIFC and the MoF portal are open for Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting for the reportable year 2019.
Additional updates from DIFC include:
- Non-financial services entities that meet the definition of an “investment entity,” as per OECD and Ministry of Finance guidance, may be required to report under the CRS regime.
- The CRS compliance form is available on the DIFC website, and CRS reports for the reportable year 2019 may be submitted after completing the CRS compliance form, with a deadline of 30 June 2020. Notably the CRS Compliance Form requires FIs to confirm whether CRS policies and procedures have been established, maintained, implemented and complied with.
Please refer to the attached alert for further information.