Since its enactment, the Foreign Account Tax Compliance Act (“FATCA”) implementation has evolved. The complications surrounding the new regime are wide-ranging for financial institutions within the United Arab Emirates (UAE). We have produced a short guidance publication aimed at the financial services sector within the UAE.
The publication titled ‘assessing the implications’ focuses on the regulation, provides an overview of the reporting requirements and shares practical elements to address when implementing the requirements of the act.
The information presented in the publication should not be viewed as an alternative to specific consultation which is required in respect of the implication to taxation, compliance, accounting, audit and general business issues which may arise through the adoption phase.