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UAE fines Dh325,000 on several financial companies for violating tax rules
The financial penalties follow detailed investigations which uncovered shortcomings in how certain firms were conducted the reporting and compliance procedures
- PUBLISHED: Mon 14 Jul 2025, 3:23 PM
The UAE has imposed financial penalties totalling Dh325,000 on several licenced financial institutions for failing to comply with international tax transparency regulations, including the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).
The regulatory action comes as part of Securities and Commodities Authority's (SCA) ongoing efforts in 2025 to bolster transparency and support global tax cooperation frameworks.
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The financial penalties follow detailed investigations which uncovered shortcomings in how certain firms were conducting the required reporting and compliance procedures mandated under FATCA and CRS standards.
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In a statement, the SCA emphasised the importance of following the rules of all relevant international and domestic regulators. It called on all regulated financial firms to review and enhance their internal compliance mechanisms to ensure full alignment with applicable standards, thereby avoiding future penalties.
The authority reiterated its commitment to maintaining the integrity of the UAE’s financial markets and aligning them with best global practices, especially in areas related to cross-border tax compliance and financial reporting.
