Ek : Uae to implement joint disclosures exchange for tax information purposes
The UAE will begin implementing the stanards of joint disclosures and the exchange of information for tax purposess set out by the G20 and the organization for Economic cooperationand development,
This follows the UAE cabinets decision for the ministry of Finance to co ordinate with various government authoritiesto collect financial information in order to implement exchange informationfor tax purposes,
Charles Lawford, an international tax attorney, believes that the UAE is eager to be seen as coperating with Foreign tax collectors in order to build up a detailed data base of what ex pats earn.
He also stated that many goverments are keen to follow the US lead in not taxing the first $100K but taxing anything above that figure,
He believes Italy will be the first to implement this law and that Australia and Ireland may follow in the near future,
Brazil is eager to use the information to find the assets of its citizens abroad, many Brazilians and south americans have purchased proerty in Florida and are now at risk.
source : google UAE to implement joint disclosure