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The UAE Publishes Updated Guidance on CRS — Orbitax Tax News & Alerts

The UAE Ministry of Finance has published updated Guidance Notes dated August 2020 for the Common Reporting Standard (CRS) for the exchange of financial account information. The UAE committed to the CRS in 2016 and signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) in 2017, with the exchange of information beginning on 30 September 2018. The latest Guidance Notes are designed to provide information in relation to the implementation of the CRS and replaces any previous guidance issued. The Guidance Notes cover the legal basis for CRS, key timelines, confidentiality, CRS options, UAE tax residency definitions, and sanctions.