UAE: Updated FAQs under CRS regime

Guidance to UAE reporting financial institutions on the application of CRS

Guidance to UAE reporting financial institutions on the application of CRS

The UAE Ministry of Finance updated a set of “frequently asked questions” (FAQs) related to the common reporting standard (CRS) regime.

The FAQs provide general guidance to the UAE reporting financial institutions on the application of CRS. The FAQs are not legal advice. Questions 28-32 were added to the FAQs to clarify.

  • Jurisdictions that are reportable for UAE FIs (Q.28)
  • Obligations of a reporting financial institution (FI) which liquidated on 31 March 2020 (Q.29)
  • Responsibilities of a liquidated reporting FI to determine a CRS account is closed (Q.30)
  • Reporting obligations of active or passive non-financial entities (NFEs) (Q.31)
  • Process for submitting a “nil” return (Q.32)

Read a September 2021 report [PDF 434 KB] prepared by the KPMG member firm in the UAE

 

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