Dubai, UAE – 21 March 2018: Dubai International Financial Centre (DIFC), the leading international financial hub for the Middle East, Africa and South Asia (MEASA) region, announced today that His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted the Common Reporting Standard Law, DIFC Law No. 2 of 2018 (“CRS Law”). The Board of Directors of the DIFC Authority has also issued the Common Reporting Standard Regulations to come into force on the enactment of the CRS Law.
The new CRS Law and Regulations enact a Common Reporting Standard in the DIFC. The new law and regulations follow on from UAE Cabinet Resolution No. 9 of 2016 in which the UAE Government committed to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information. The new law imposes certain obligations on reporting financial institutions in relation to collecting and reporting information under the Common Reporting Standard and appoints the DIFC Registrar of Companies as the relevant authority for the administration and enforcement of matters related to the Common Reporting Standard in the DIFC.