UAE to collect tax information on expats from next year

Expats in the UAE has been advised that banks and other financial institutions will be contacting some of their customers to collect information about their tax status in early 2017, reports local newspaper Gulf News.

CRS requires countries to exchange information about individual and expat bank accounts, as well as details about interest and any dividend income earned outside their home country.

Speaking to Gulf News, the compliance head of an unnamed local bank said: “We are yet to receive any specific guidelines on data collection related to CRS. But we are fully aware, starting next year, we will have to collect the required data as part of [the] implementation of CRS.”