Abu Dhabi fines 23 entities in violations of UAE tax rules.
The regulatory regulation authority (FSRA) in Abu Dhabi Global Market (ADGM) Imposed penalties worth AED610,000 ($ 166,000) of 23 entities for the violences of the common reporting standing regulations
Regulations implementing international frameworks that require reporting entities to collect and report information to foreign account holders to help prevent evasive.
Abu Dhabi tax rules
Underpinning Inter-Government arrangements entered in UAE develops full tax transparency by facilitating automatic exchange of financial data in jurisdictions.
ADGM address actions taken on ADGM address a variety of violations of CRS and Fatca, including failures to:
- Submit risk assessment
- Submit the required annual return information (s)
- Follow hard work methods
- Report information in a complete and accurate way
- Collect valid forms of self-certification
Emmanuel Givanakis, CEO of FSRA on ADGM, says: “These results in financial placement of FSRA in FSRA commitments to global commitments of global information exchange.
“We are committed to recognizing and responding to our commitment to restraining tax prevention by enforcing patterns of compliance and effective responsibilities.”
A copy of FSRA notifications and Fatca Penset Penfitus appears On the ADGM website.
