The ROC recently sent out a letter clarifying their role and the reporting obligations in relation to FATCA. The UAE and the US have in principle agreed the terms of the Intergovernmental FATCA Agreement.
The DIFC is required and empowered to collect the information required under the intergovernmental FATCA agreement and the ROC is to be the point of contact.
The FATCA reporting process will flow from the Foreign Financial Institutions (FFIs) to the ROC on a form prescribed by the US, and this information will be forward by the ROC to the Ministry of Finance, which will consolidate it with data from federally regulated FFIs before sending it to the US Treasury.
DIFC Registrar of Companies (ROC) – Foreign Account Tax Compliance Act (FATCA)
December 1st, 2014 by Stephen Jones Leave a reply »
Advertisement
