The United Arab Emirates will complete and sign a Model 1 FATCA IGA this month and will send the agreement electronically to the US IRS in September 2015, HE Younis Haji Al Khoori, UAE Undersecretary of the Ministry of Finance told reporters February 15.
The UAE had reached an agreement in substance on a Model 1 FATCA IGA with the US on May 21, 2014. Under a Model 1 agreement, financial institutions are required to report information about US customers’ accounts to the UAE’s Ministry of Finance, which will then forward that information to the US Treasury’s Internal Revenue Service.
HE Al Khoori said that to assist with negotiations and legal and technical issues, the government established committees, supervised by steering committees headed by top government officials. The government also appointed international and legal consultants to support the committees’ work.
Numerous workshops with stakeholders from the public sector and the banking sector were held, and financial departments were consulted to determine the expected effects of the agreement, HE Al Khoori said.
The first report to the US Treasury Department for the year 2014 must be submitted September 2015, with exception of government institutions, sovereign funds, and international organizations, HE Al Khoori noted.
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