Sunday 27, November 2016 by Matthew AmlĂ´t

UAE to implement G20 and OECD procedures on tax

The Ministry of Finance (MoF) has announced that the UAE will begin implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and Organisation for Economic Cooperation and Development (OECD), in accordance with the Foreign Account Tax Compliance Act (FATCA), from 2018. This follows the UAE Cabinet’s decision for MoF to coordinate with various government authorities to collect financial information in order to implement exchange information for tax purposes.

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