UAE Tax Update
Type
E-journal
Date
10 Apr 2013
Jurisdiction
United Arab Emirates, USA
Taxonomy
Financial Institutions, Relationship Between Banker & Customer, International Tax
Copyright
LexisNexis
Analysis
Slim Gargouri examines the Central Bank's recent seminar on the Foreign Account Tax Compliance Act and its impact in the country.
The seminar discussed the obligations of governments who sign a FATCA agreement with the United States and those of banks and other financial institutions. Experts speaking at the seminar recommended signing a Model 1 IGA with the US, which they considered to be the best option.
US officials also announced they were hoping to start negotiations with the UAE on an agreement to implement FATCA effectively and efficiently in the UAE.