Currently, all the Reporting Financial Institutions (RFIs), whether regulated or unregulated, were undertaking Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting on the portal provided by the respective authorities with whom they were registered i.e., Dubai International Financial Centre (DIFC) or Abu Dhabi Global Market (ADGM).
Since compliances under FATCA/CRS regulations were done on multiple platforms, the Ministry of Finance, UAE was working on formulating infrastructural changes to streamline the process and have effective implementation of the FATCA/CRS regulations. This in turn would enable the Finance Ministry to achieve its overall objective of exchanging information with member countries.
To enable the RFIs with a single platform for filing FATCA and CRS returns, the Ministry has launched a new reporting portal. This portal will enable the users to do all the compliances with respect to the filing of FATCA/CRS returns and also the CRS risk-based assessment forms.