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What is Automatic Exchange of Information (“AEOI”)?
AEOI is the Automatic Exchange of Information between competent authorities of different jurisdictions pursuant to international agreements as implemented into domestic law to cooperate in the global effort towards tax transparency.
The UAE is committed to the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) regimes as a form of AEOI in the UAE.
FATCA and CRS regimes require UAE Reporting Financial Institutions (“UAE RFIs”) to report information on certain financial accounts maintained by reportable account holders and/or controlling persons to the UAE Ministry of Finance (“UAE MoF”) on an annual basis.
UAE MoF then exchanges the data with the IRS and peer jurisdictions for FATCA and CRS, respectively. The UAE MoF may also have adhoc requests from time to time pursuant to the FATCA and CRS regimes.
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