The Foreign Account Tax Compliance Act (FATCA) is a US law that aims to prevent US taxpayers from using accounts held outside of the US to evade taxes. In some countries, including the UAE, local regulations require financial institutions to report annually on specified accounts held outside of the US by US taxpayers.
To comply with FATCA regulations, financial institutions such as RAKBANK are required to report annually on specified accounts held outside of the US by US taxpayers. This reporting is made available to the US Internal Revenue Service (IRS) either directly or through local regulatory agencies.
The Central Bank of the UAE is implementing the Foreign Account Tax Compliance Act (FATCA) in agreement with the US government. The aim is to identify customer accounts that meet the definition of "US Reportable Account" according to the definition as per the Inter-governmental Agreement (IGA).
Please note that RAKBANK is unable to offer tax advice. For tax-related questions, please contact your professional tax advisor or refer to the IRS website.
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