Dubai: The deadline for UAE’s Reporting Financial Institutions (RFIs) to submit reports 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 Ministry of Finance said on Wednesday.
The ministry also said that RFI users must submit their annual FATCA/CRS reports through the new portal which is now available on its website.
FATCA is a US federal law aimed at curbing offshore tax evasion by US persons. It was enacted in 2010. FATCA requires financial institutions outside the US to report information on financial accounts held by US persons.
The CRS was developed in response to the G20 request by the Organisation for Economic Cooperation and Development during the global forum held in Berlin and came into force in October 2014.