Financial Account Information Reporting and Exchange

Saudi Arabia acceded to the OECD Mutual Assistance Convention as amended and the convention entered into force for Saudi Arabia on 1 April 2016. Effective September 2018, Saudi Arabia has signed the Common Reporting Standard (CRS) Multilateral Competent Authority Agreement and adopted measures to implement the automatic exchange of financial account information in accordance with the global standard for exchange of information developed by the OECD under the CRS.

Saudi Arabia has concluded an Intergovernmental Agreement (IGA) with the United States on 15 November 2016 to improve international tax compliance and to implement the U.S. Foreign Account Tax Compliance Act (FATCA).