5 banks, 2 insurance firms fined AED 2.62 million for flouting tax rules

Five banks and two insurance companies operating in the UAE have been penalised for violating tax rules, the Central Bank of the UAE (CBUAE) announced on Tuesday.

The authority said they handed out a total of AED 2.62 million in fines.

According to a statement issued by the CBUAE, the seven entities had failed to comply with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.

The authority said the fines were imposed after the entities were given ample time for rectification.   

The CBUAE, through its supervisory and regulatory mandates, said it works to enhance the quality of the financial system in the UAE and combat tax evasion.