MOF UAE EXTENDS DEADLINE FOR FATCA/CRS RETURNS SUBMISSION

The UAE Ministry of Finance has extended the deadline for the submission of annual Data/Nil returns by the UAE financial reporting institutions for the year 2023, in accordance with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS). The revised deadline for submissions is now July 15, 2024. All UAE Reporting Financial Institutions are required to register on the FATCA/CRS system with the US IRS [YK1]?and submit returns, annual data, and risk assessments within the reporting deadline specified by the Ministry of Finance.

?FATCA and CRS[MA2]?[YK3]? are two international tax agreements that have been exemplarily implemented by the UAE as a form of Automatic Exchange of Information (AEIOU). According to the FATCA and CRS regulations in the UAE, financial institutions need to provide information about certain foreign accounts maintained by the reportable account holders and/or controlling persons to the UAE Ministry of Finance.

The Financial Institutions in the UAE must comply with the regulatory obligations of FATCA and CRS and submit their returns on time. Failure to comply with the deadline can result in significant penalties.

AMCA assists companies in fulfilling their obligations under CRS and FATCA UAE 2024, thereby helping them ensure regulatory compliance with international tax reporting standards. For more information,

visit amca.ae