(MENAFN) The United Arab Emirates and the United States signed an accord to carry out the new Foreign Account Tax Compliance Act (FATCA), UAE's Ministry of Finance stated, Arabian Business reported.
The deal entails that the tax information of US citizens, living in the UAE, are to be provided to the American government, which will make them liable to additional taxes.
"In the case of non-compliance with the requirements of FATCA, any non-US financial organisation could face a 30 percent penalty on certain financial returns of its operations in the US market," an official statement said.
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