Are you prepared for FATCA and CRS Reporting?
Further to our earlier post regarding the recently launched centralized portal for submitting the annual reporting and risk assessment for Common Reporting Standard (“CRS”) and /or Foreign Account Tax Compliance Act (“FATCA”), The Ministry of Finance (MoF) has recently announced that the deadline to submit the UAE Reporting Financial Institutions (RFI) in accordance with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) requirements has been extended, to no later than July 20, 2022.
The MoF noted that the Automatic Exchange of Information Portal related to reports pertinent to FATCA and CRS requirements is now available on MoF’s website.
The ministry mentioned that all notified users from financial institutions must complete the registration procedures before submitting any reports, by following these steps:
- Annual Report/Nil Report Submission: Reporting Financial Institution (RFI) users must submit their annual FATCA / CRS reports through the new portal. In order for users to submit the report successfully, RFI users must download the RFI reporting excel based templates (for FATCA and CRS) directly from the portal.
- Risk Assessment Questionnaire:RFI users must submit their Risk Assessment Questionnaire in the Portal no later than 20 July 2022.
How can Waystone Compliance help?
Meeting your FATCA and CRS reporting requirements can be overwhelming, but our team is fully equipped to help guide you through the process.
The Waystone International Tax Compliance Group provides customised solutions, designed to meet our clients’ FATCA/CRS obligations. To help achieve this, our team uses its market-leading, proprietary tax information technology to ensure that Reporting Financial Institutions have the tools required to seamlessly fulfil their ITC obligations.
Our ITC Group specialises in providing support for Directors, Responsible Officers, Principal Points of Contact or any other governing body of investment funds and other reporting financial institutions in matters of regulatory compliance and AEOI reporting.
If you require assistance with this reporting or would like to discuss this further, please reach out to our Middle East Compliance specialists or contact us below.