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UAE signed the Tax Agreement with the USA

On June 22, 2015 the United Arab Emirates and the United States signed an intergovernmental agreement FATCA, which regulates the automatic exchange of tax information.

 

The text of the agreement was adopted in May last year, but the long-term debate on the individual items were delayed more than a year. Under the agreement, the United States will receive information on the accounts of its residents in foreign financial institutions. If foreign financial institutions refuse to disclose information about their US clients, this will lead to the retention of the United States with those of citizens of the tax at the source of payment at a rate of 30 percent.

 

Also, the US Treasury has developed a number of models IGAS, whereby it becomes possible to find  compromise solutions of disputes in which the legislation of a country does not coincide with the terms of the agreement. In particular, in the case of the UAE there was chosen the model in which data on the accounts of Americans will initially be sent to the tax office of the Emirates, and then, from there they will be mailed to the American tax department.

 

Under the agreement, the first exchanges of data will start from September 2015.



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