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UAE and US Sign Agreement to Provide Tax Information

20/6/2015

US law requires foreign financial institutions to provide annual reports on account information of customers.

The agreement means all US citizens in the Gulf state will now have the details of all of their finances held in the UAE provided to the American government, potentially making them liable for additional tax. The US law requires foreign financial institutions to provide annual reports on account information of customers who are US citizens and provides penalties for institutions that do not comply.

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