Common Reporting Standard -AM Audit | Audit Accounting Firm in Dubai
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Common Reporting Standard

The CRS was developed in response to a request by the Organization for Economic Co-operation and Development (“OECD”) during the Global Forum in Berlin and entered into force in October 2014. The UAE signed the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”), the Declaration of Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“MCAA”) and the Unilateral Declaration in April 2017.

Both the MAC and MCAA form the legal basis for the implementation of The Standard for Automatic Exchange of Financial Account Information (“AEOI”) in Tax Matters, Second Edition (“OECD Standard”) in the UAE. The MAC was ratified by the UAE according to Federal Law No. 54 of 2018 and the MCAA according to Federal Law No. 48 of 2018.

The Common reporting standard went live in the UAE with an effective go-live date of 1 January 2017. UAE Regulatory Authorities and the UAE MoF have issued UAE CRS legislation (collectively referred to as “UAE CRS Regulations”).

How we can help you?

  • Conducting a CRS Entity review and its applicability.
  • Conducting a CRS Entity classification
  • Registration with the IRS
  • Compliance support
  • Documentation Support with Policies
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