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UAE: Updated CRS guidance, legislation and regulations

UAE: Updated CRS guidance, legislation and regulations

Among the developments in the United Arab Emirates concerning the common reporting standard (CRS) regime are the following:


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  • The Dubai International Financial Centre (DIFC) issued a release regarding amendments to the common reporting standard (CRS) law and regulations. The new CRS rules have an effective date of 30 July 2020, and the amendments include the changes related to penalty provisions and instructions to assist financial institutions with interpretation of the CRS regime.
  • CRS Amendment Law No. 6 of 2020 was enacted and amends the CRS legislation, effective from 16 August 2020.
  • The UAE Ministry of Finance issued updates to CRS guidance that reflect the following changes:
    • An updated provision concerning the definition of UAE tax residency
    • New measures concerning penalties to be imposed by each regulatory authority
    • CRS regulations

Read an August 2020 report [PDF 90 KB] prepared by the KPMG member firm in the UAE

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