Category: United Arab Emirates

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Dubai’s dirty shekel secret? Israelis saving pennies by hoarding money in the Emirate’s tax haven

With the end of banking confidentiality, many Israelis are fleeing the long arm of the Israel Tax Authorityto the tax haven of Dubai, which has no bank reporting. Tightening tax regulations in many countries, beginning with the US, requiring banks to provide information about their customers, or face sanctions, has caused people… – Continue reading

Partners against crime: UAE, US sign innovative agreement on tax evasion

The UAE has reached an initial agreement with the US to carry out a financial data-sharing programme aimed at curbing offshore tax evasion by US citizens. The Ministry of Finance announced on Tuesday that the two countries had negotiated an Intergovernmental Agreement (IGA) in substance to implement the US’s Foreign… – Continue reading

Cyprus: New Cyprus-UAE Double Tax Agreement Takes Effect

New agreement The new double tax agreement between Cyprus and the United Arab Emirates took effect from January 1 2014. For the most part, the agreement reproduces the corresponding provisions of the latest Organisation for Economic Cooperation and Development (OECD) Model Tax Convention verbatim. The principal departures from the OECD… – Continue reading

Your bank will send US transactions info to US tax authorities from July 1

All financial institutions in the UAE must comply with the agreement signed with the US Financial institutions in the UAE will start sharing extensive data of account holders with a US nationality from July 1st with the Internal Revenue Services (IRS), or the American tax collecting authority. On May 23rd… – Continue reading

New Russian Forex Bill: Offshore Regulation To Be Banned

The schedule of the Russian parliament has been updated yet again and it appears that forex dealing regulation is coming back to the fray. According to recent reports by Russian media there might be some key amendments aimed to limit the participation of brokers residing in offshore financial centres (OFCs)…. – Continue reading