UAE Banks to share details with US Government
The Ministry of Finance has signed an agreement with the US that will make it compulsory for all banks in the UAE to provide account numbers, balances, names and addresses on their American clients through an annual report.
The move is part of efforts to enforce the Foreign Account Tax Compliance Act (FATCA), which was passed by the US congress in 2010. Unlike many expats, US citizens must pay tax on their income, ranging from 10 to 40 per cent, regardless of where they live.
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