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Governments around the globe, including the United Arab Emirates, are building commitments towards international initiatives developed to fight tax evasion and promote tax transparency. The Organization for Economic Co-Operation and Development (OECD) has developed the “Common Reporting Standard” initiative, which requires governments in participating jurisdictions to collect financial account information from their financial institutions where related to customers who are tax resident outside of the country in which they hold their accounts, then automatically exchange this information on an annual basis with other jurisdictions if these are also participating in CRS. Participating jurisdictions will enact and implement the Common Reporting Standard under their local laws.
Starting from 1 January 2017, as a part of the Bank's ongoing commitment to compliance with local laws and the global tax regulatory initiatives, we will be reaching out to certain customers to request information or documents to confirm their tax residency status.
Please refer to the OECD website or see our FAQs below for more information about the Common Reporting Standard. The Bank is not authorised to provide you with tax advice.
Should you have any queries relating to your tax residency status, please consult a tax advisor.
Under the Common Reporting Standard (CRS), Financial Institutions are required to partake in the automatic exchange of financial account information for tax purposes.
Financial Institutions in participating jurisdictions are required to classify and report financial account information to their local tax authorities on Individual Account Holders, Entities and /or Controlling Persons of certain Entities, who hold their accounts outside of the country where they are tax resident. The local tax authorities will then exchange this information with the relevant tax authority.
In order to comply with these requirements, the Bank may need to share details and information about certain financial accounts you hold with us to the appropriate tax authorities. This includes (but not limited to) certain banking, savings and investment accounts. We are unable to provide any tax advice to customers. Please consult your tax advisor, relevant tax authority or visit the OECD website.