- The UAE Ministry of Finance announced its commitment to implementing the updated tax information exchange standard “CRS 2.0” issued by the OECD.
- The updated framework will take effect in 2027, with the first exchange of tax information in 2028, supporting greater financial transparency and governance.
- CRS 2.0 expands reporting to include e-money, CBDCs, and crypto assets, strengthening the UAE’s position as a global financial hub aligned with international compliance standards.
Abu Dhabi, November 8 – The UAE Ministry of Finance announced the country’s commitment to implementing the updated Common Reporting Standard “CRS 2.0”, issued by the Organisation for Economic Co-operation and Development (OECD) as part of the global framework for the automatic exchange of tax information.
The updated standard will come into effect in 2027, with the first exchange of information scheduled for 2028.
In its official statement, the Ministry emphasized that this step reinforces the UAE’s advanced position in global competitiveness rankings and highlights the transparency and strong governance of its financial system, which continue to make the UAE an attractive destination for foreign investment.
The Ministry added that the adoption of CRS 2.0 aligns with the country’s commitment to international tax transparency, particularly as it harmonizes with the implementation of the Crypto-Asset Reporting Framework (CARF).
Strengthening the Regulatory Framework
The updated CRS 2.0 builds upon Federal Decree-Law No. 48 of 2018 and Cabinet Resolution No. 93 of 2021, expanding the reporting scope to include e-money, central bank digital currencies (CBDCs), and certain crypto-asset activities.
It also introduces enhanced audit and reporting requirements to ensure that the rapid growth of the digital assets and financial innovation sectors does not undermine global tax transparency.
Upholding Global Standards
Both CRS 2.0 and the Crypto-Asset Reporting Framework (CARF) represent major milestones in the UAE’s commitment to international tax transparency.
They also highlight the country’s continued cooperation with the OECD and the global financial community, further cementing the UAE’s status as a world-class financial hub founded on transparency, good governance, and regulatory excellence.
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