Financial firms based in the UAE which are subject to the US Foreign Account Tax Compliance Act (Fatca) have been granted additional time to file their returns.
The UAE’s Ministry of Finance has issued a new deadline for financial firms to submit the UAE Reporting Financial Institutions in accordance with both Fatca and the Common Reporting Standard.
Firms will now have until July 20 to submit their reports.
In addition, the ministry also stated that the automatic exchange of information portal related to Fatca and CRS requirements is available from its website.
All notified users have been instructed to file their reports via the portal and are subject to completing the registration process and downloading the relevant Excel-based templates.
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