29 November 2016 Saudi Arabia is now a signatory to Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information The Organisation for Economic Co-operation and Development (OECD) announced on November 2, that the Kingdom of Saudi Arabia (KSA) joined the Common Reporting Standard (CRS) Multilateral Competent Authority Agreement (MCAA), committed to the first exchange of financial account information by September 2018 (2018 adopter). KSA joins 86 other jurisdictions as signatories of the MCAA and over 100 countries committed to adoption of the CRS either as a 2017 or early adopter or 2018 adopter. Similar to the US Foreign Account Tax Compliance Act (FATCA), the CRS requires certain financial institutions such as banks, brokers, funds, certain insurance companies and custodial institutions to amend their due diligence and tax reporting procedures. A Tax Alert prepared by Ernst & Young Saudi Arabia, and attached below, provides additional details. Document ID: 2016-2024 |
