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DIFC To Implement Common Reporting Standard

by Lorys Charalambous, Lowtax.net, Cyprus
12 October, 2017

Dubai International Financial Centre, a free trade zone in the United Arab Emirates (UAE), is consulting on changes to a law to implement the OECD's Common Reporting Standard (CRS).

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.

The proposed legal changes to implement the CRS follow on from a resolution of the UAE Government last year in which it committed to signing OECD multilateral framework agreements facilitating the implementation of the CRS.

Interested parties are invited to comment on the proposed changes to the law by November 8, 2017.

DIFC is a free trade zone located in Dubai, which offers a number of perks to firms, including zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, and no exchange controls.

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