ADGM Implements Tax Information Exchange Standard
by Lorys Charalambous, Lowtax.net, Cyprus
20 July, 2017
Abu Dhabi Global Market, the low-tax financial center, has released regulations to implement the Common Reporting Standard, the OECD's new international standard for the automatic exchange of financial account information in tax matters.
Under the CRS, jurisdictions must obtain specified financial account information from their financial institutions and automatically exchange that information with partner jurisdictions on an annual basis.
ADGM's CRS regulations require all ADGM-registered financial institutions to file an annual report by June 30, 2018. ADGM financial institutions were formerly notified of the CRS requirements and have already commenced collection of the relevant information from December 31, 2016, for existing accounts, and from January 1, 2017, for new accounts.
ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
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