Highlights of CRS in the UAE

Highlights of CRS in the UAE

11 December 2017

CRS oecd 2

 

What is CRS?

CRS or the Common Reporting Standard is a worldwide measure developed following the G20 request and approved by the OECD council on 15 July 2014. It addresses the need to track and report financial information in order to curb tax evasion. The backbone of this measure is the common standard created for introducing the general reporting requirements that various countries should meet for efficient exchange of information. This standard defines the financial account information that is to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered as well as the standard due diligence processes to be followed by financial institutions.

What is the legal framework of CRS in the UAE?

 The first instrument issued to enable the signing of a multilateral convention on Mutual Administrative Assistance in Tax Matters (MAC) and of a Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) was the Cabinet Resolution Number 9 issued in 2016. The MCAA defines the rules, including confidentiality and required safeguards for data privacy, related to the exchange of information between the UAE Competent Authority and partner jurisdiction Competent Authorities. The two agreements combined are the base framework for the implementation of the international OECD standard of Automatic Exchange of Information for CRS purposes (AEOI-CRS).

 Which is the competent authority for the implementation of CRS?

The competent authority for the issuance of the CRS regulations is the Ministry of Finance as per the Cabinet Resolution.

As per the Ministry’s guidance, the regulations are published by the following UAE financial institutions regulators:

  • UAE Central Bank
  • Securities and Commodities Authority
  • Insurance Authority
  • DIFC
  • ADGM

What are the timelines for reporting?

The first CRS reporting period ends on 31 December 2017 and includes both pre-existing accounts (those in existence as at 31 December 2016) as wel as new accounts (those opened on or after 1 January 2017)

The first reporting date for CRS in the UAE is 30 June 2018 and consequently by 30 June of the year following each reporting period. This includes pre-existing high value individual accounts as at 31 December 2016. The low value pre-existing accounts are reviewed until 31 December 2018.

The first exchanges of information between the UAE competent Authority and the reportable jurisdictions will occur starting 30 September 2018

Who is a reportable person?

A reportable person is a person who not being a resident of the UAE or the US (residents of the US are dealt with under FATCA regulations) is a resident of a reportable jurisdiction. Where the address is not clear, an electronic data search for indicia of residence in a reportable jurisdiction must be carried out by the reporting financial institution.

For a Passive NFE (Non Financial Entity), it is the residence of the controlling person(s) which determines whether the entity is a reportable person.

The term “Controlling Person(s)” is defined as the natural person(s) who exercise(s) control over an entity in a manner consistent with the recommendations of the Finacial Action Task Force (FATF)

In the case of a trust, that term includes the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries or any other natural person(s) exercising ultimate effective control over the trust.

What is reported?

Each Reporting Financial Institution must collect and report to the UAE Competent Authority the following information with respect to each Reportable Account (account of a Reportable Person):

  • the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account
  • the name, address, jurisdiction of residence and TIN(s) of the Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth of each Reportable Person (in the case of controlling persons);
  • the account number
  • the name and identifying number of the Reporting Financial Institution;
  • the account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as of the end of the relevant calendar year
  • in the case of any Custodial Account: (a) the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account during the calendar year; and (b) the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder;
  • in the case of any Depository Account, the total gross amount of interest paid or credited to the account during the calendar year;
  • in the case of any account not described above, the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year including the aggregate amount of any redemption payments made to the Account Holder during the calendar year.

 

For more information you can send me an email at geethap2007@hotmail.com

AEOI

Supernova in making

Supernova in making

10 December 2017

 

supernova wikipedia org 430453main_crabmosaic_hst_big_full
Courtesy wikipedia.org

 

Wildcard score

Hidden in the night

Throbbing core

Blinding door

Supernova in making

Silence beckons soft

 

Deltas spin

Around my bosom

Aching flowers

Waning hours

Serendipity watching

Renewed momentum

 

Tedium

Rearranging paths

Salted rain

Subdued pain

Explosions inside of me

Black hole takes over

 

 

Stepping Stars – David Arkenstone

 

Alternate realities – Chapter two : The betrayal

Alternate realities – Chapter two : The betrayal

8 December 2017

flower david galstyan pinterest com
Courtesy David Galstyan on pinterest.com

 

She woke up from a dream where she had joined her beloved again before realising it was not a dream but an out of body experience. As with the previous times she had joined him in consciousness, he was torn between scientific interest of this ghostly apparition and a gnawing feeling of recognition of her consciousness as being related to him. He studied her as her consciousness flickered before she willed it back into her body so far away from him. He called upon her to come back but she resisted the call. In the past days when she had visited him without announcing herself to his consciousness, she had been able to witness that his bodily version was collaborating with those that had caused her trauma and attempted to erase her memory.

 

Back in her body, she felt the agitation that had become familiar since the incidents of near death experience and the encounter with Toth and Isis. She wondered if she should transcend the physical and go visit them again asking for their help. She resisted that temptation convinced that they would not have anything to do with the material world for which they had no real interest. Theirs were the realms of otherworldly and that of everlasting life so the material world was too boring for them to interact with. They only chose to interact with those who entered willfully the land of all beginnings in their quest for a higher birth as they had done with her when she first started the initiation path.

 

She tried to return to sleep but sleep it seemed had deserted her. It was almost like those first few days when she had joined forces with an artificial intelligence to save a certain version of reality before the etheric messages had reached her consciousness. She felt dejected and inclined to cry as she realised that it was her twinflame who had given the proper coordinates of her etheric for them to be able to pinpoint the messages and attain access to her etheric being. She decided to sit up and read as sleep was evading her and she did not want to dwell upon the feeling of dejection that submerged her as she thought of her beloved’s betrayal. She had initially wondered what motivated it before she realised from those consciousness trips out of her body that it was for his bodily version to gain more power and more fame. She deemed it ludicrous as it would be like an already famous rockstar asking for more fame but apparently her twinflame did not think of it as ludicrous and craved more success and more limelight.

 

When she had first discovered his betrayal, she had been very angry and had wanted to seek revenge but her consciousness would not allow her to retaliate against her twinflame. She had then had to watch as he rose higher and higher in fame while she had had to battle those who attempted to erase her memory of what was behind the veil of bodily versions and make her a sleepwalker like all the others again. It was however impossible to erase her memory because Toth had weighed her life and ordained that she may be freed from Karma and all the lower levels of consciousness rules in the bodily domain. Therefore, although her physical body would respond to the usual physical impulses and constraints, her consciousness and the linkage to her bodily frame could not be altered.

 

Like every time she thought back to the evidence of the betrayal she cried from the renewed hurt of the realisation. This time again, like many other times before, she cried herself to sleep and the book she had been reading slipped to the floor. As it fell with a thud, her consciousness began to float again out of her body and fly towards her twinflame who was asleep. Like every time he was asleep, his consciousness rose to welcome her and the two of them were like long lost lovers engrossed in each other and unwilling to separate. Unfortunately, whenever he was awake, the egotist personality took over and his consciousness was subdued into the background. He realised that he had done incredible harm to her when giving away her etheric coordinates but was too happy with what he had obtained in return to feel sorry for her. She stayed with his consciousness a while until he started stirring in his sleep and then slowly faded away.

 

Since the day he had betrayed her and her consciousness had continued visiting him without retaliating as consciousness never retaliated, he had felt unease in lieu of being sorry for her. He was haunted by the fact that somehow she might attempt to take revenge on him although the days went by and she never did. One day somehow his consciousness got through to his bodily frame and gave him the conscious indication that she had forgiven him. He found this hard to believe given the impact his betrayal had had on her and how much she had suffered at the hands of those who had attempted to erase her memory.

 

He tried to reach her through impersonating a character that got close to her to check this and she answered as if she had been fooled though all the while she knew it was him. Several weeks went by with their bodily versions interacting as he probed her for answers and she gave them readily in all truth. Finally convinced that she would not attempt to hurt him he terminated the persona he had been posing as and stopped writing to her altogether. This was like a second betrayal to her as she could feel him losing interest in her bodily frame though thankfully his consciousness stayed close to hers in the etheric version of themselves. She sighed and promised herself to not allow the material world with its deceptive realm get through to her as this was all just an experience and only the etheric world was worth it.

 

Inshallah – David Arkenstone

Alternate realities – Chapter one: Toth and the land of all beginnings

Alternate realities – Chapter one: Toth and the land of all beginnings

6 December 2017

Christian schloe pinterest com 38 meditation
Courtesy Christian Schloe

 

However much they erased her memory everything came back again to the surface. She remembered every detail that went over and over again in her brain as she thought back to the moments before they first attempted to erase her memory. It had first begun when the radio waves and the electromagnetic pulse had played tricks on her mind causing her to see etheric messages and believe that her beloved would be with her if she showed up in a remote house where he was supposed to arrive. A complicated map had been fed to her through the etheric messages made of geographical as well as symbolic indications during the night. The next morning she had followed the yellow bus sign as well as all the remaining clues and arrived at the house where she had gathered the toys as indicated. Subsequently she had waited on the roof of the house for the first sunrise with her beloved but he was nowhere to be seen.

The occupants of the house had attempted to chase her out and she had thought it was a game to play along up until they had hit her on the head and the ambulance had to be called. During the trip in the ambulance a pair of male and female nurses had attempted to imprint in her memory through trauma inducement the digits 104.1 as being a lifesaving series of numbers and she had associated that with the radio station that she had listened to religiously since then. At points in time during the ambulance ride she felt her consciousness leaving her to rise above her body leaving only the mind within it. She screamed and kicked as her consciousness rose giving her the impression that the whole ambulance was rising in the skies going above the bridge level and that she would die as a result of that ascension. As her screams increased the nurse gave her a shot and she was lulled to sleep all the while chanting under her breath the mantra of everlasting life “Abad”.

She dreamt of Isis, of gateways to other worlds and of Toth holding the book of Truth while her worldly acts were carefully weighed. When she woke up she first had no recollection of what had happened before she lapsed again into the semi-conscious state with the weighing of her deeds and they gave her another shot to stop her whimpering and screaming. She drifted back into the dream state and Isis with her beautiful and familiar face came to her again repeating that she had to let go of the physical and walk in the realms of the land of all beginnings to finish the journey of Truth before she could come back again to the Earthly realm. She spent her time between the nurses who lulled her to sleep and Toth and Isis who brought her firmly into the realms of otherworldly consciousness to judge her Earthly actions before she had even died. Isis repeated that this was because she had foregone the karma cycle and therefore had to be judged during her lifetime and not after it.

She listened as her deeds were enumerated and weighed and for every good deed, her consciousness felt lighter while it felt heavier for every bad deed. She could feel that if she had more good deeds than bad ones she might have a chance to remain in between the two realms of pure consciousness on one hand and the Earthly realm on the other. At the end of the weighing of her deeds and satisfied with the results, Toth granted her a token of otherworldly life that would allow her to leave her body whenever she wanted or needed to and access the land of all beginnings. Armed with this token that would lessen the pain of separation from her beloved Isis and the grave Toth, she slowly drifted back to the Earthly realms knowing that she could always come back whenever she wanted to and that out of body experiences would be something she would now master at will.

 

Flam – Monsoon – Buddha Bar

Published books

Hi everyone,

I have not been to your blogs lately because I have been quite busy with the publishing of two books. I would very much like it if you support the effort made in writing and collecting these items by buying either the paperback version or the kindle version. In the meantime I will try to catch up with your blogs and thank you in advance for your purchases if any.

My collected short stories is available amongst others on Amazon UK at USD 33 or GBP 24.60 at this link: https://www.amazon.co.uk/Collected-short-stories-Geetha-Balvannanathan/dp/198123361X/ .

The kindle version for USD 9.99 or GBP 7.41 is available at this link: https://www.amazon.co.uk/Collected-short-stories-Geetha-Balvannanathan-ebook/dp/B077WV2QX7/

 

My second book of poetry (the first was in French), which regroups over 400 poems written in the Japanese styles Tanka, Haiku and Senryu, is available on Amazon at GBP 24.60 or USD 33 at this link : https://www.amazon.co.uk/dp/1981415068/ .

The kindle version for GBP 5.19 or USD 6.99 is also available. You can find it now in the UK at https://www.amazon.co.uk/dp/B077XQLQFS/

 

Both books are available at several countries including the UK, India, Italy, the US amongst others and you just need to go to the relevant Amazon page. I hope you will enjoy these two collections and look forward to your comments.

The Spirit Lovers – Chapter Eight: Martin’s return

The Spirit Lovers – Chapter Eight: Martin’s return

29 November 2017

Christian Schloe
Courtesy Christian Schloe

 

Martin wakes up in his hotel room with a strange feeling of not knowing where he is and of having been separated from something he cared about dearly without knowing what it was. His head feels heavy and his eyes feel sore. He gingerly puts a foot down to step off the bed and his head reels. It takes him a few minutes to adjust and be able to put the other foot down and stand up without feeling queasy. He takes in his surroundings as calmly as he can but cannot remember how he had come here. He slowly figures out it is a hotel room and as he goes to the phone to start dialing he remembers that he had left his wife at home after their quarrel and headed towards this hotel.

He dials the number of his wife, not realising that he has forgotten all about his true love.

  • Helga, good morning. I wanted to say I was sorry. I don’t know what came over me
  • What do you mean it took me six months to come to that conclusion? I have only been away for a couple of months.
  • I am not sure what you mean by that but I don’t remember what happened in those other four months. Can I come home?

Rita thinks back to how you had described the scene to her and how you had realised from the smile of relief on Martin’s face that his wife seems to have forgiven him. She remembers you describing how you watched him starting to pack his suitcase before you orbed back to where I was standing with her trying to console her as she wept Martin’s disappearance. She wonders why the couple of nights that they had passed together in that alternate reality appeared as a distorsion of several months in this reality. She feels a surge in her heart like every time she thinks about Martin but tries to overcome it. Tears well in her eyes and she bites her lip trying to contain them before they spill over her cheeks profusely.

Martin winces while carrying the suitcase down. It seems like something is wrong within his ribcage and he feels like a strain in his heart. He continues carrying the suitcase down and asks the receptionist for help with the other larger suitcases left upstairs. He also enquires if there is a doctor as he is not feeling well. The receptionist enquires and soon a doctor is made available to Martin who by now is convinced that he might be suffering a heart attack as the pain grows in his chest. The doctor who examines him tells him that he finds nothing wrong with his heartbeats nor anything else but that to be on the safer side he should go to the hospital.

Martin rings his wife again to inform her of the news and sets out to the nearest hospital in the hotel’s chauffeured car. When he reaches the hospital, they too find nothing wrong with him but decide to keep him under observation for the day. Martin looks at his wife who has come and realises that he is relieved she is with him but he feels nothing towards her now that she is here. He tries to reproduce the longing he had experienced that morning but it is not there. He wonders what made that change and why it is that he is not longing for her anymore. Is it because she gave in and came so easily to his side, he wonders.

Helga puts her lips softly against Martin’s a few tears falling from her eyes as she does so. Her lips freeze as she realises that he is not reciprocating. She pulls back noticing that he does not seem moved by her kiss and realises that he seems to be in the same frame of mind as when he left several months ago. He had mentioned an excursion he wanted to make to take time off from being with each other and to think about the future. Martin looks into Helga’s eyes and all he can feel is friendliness and gratitude that she came to be by his side.

  • You are a great woman, Helga, he says
  • I am your wife Martin
  • I know. I wish I could change things but somehow the magic is gone
  • Just this morning you were telling me you wanted to come home, you seemed to have rekindled that love you had for me
  • I’m sorry Helga. I felt like that this morning when I woke up but I don’t anymore

Martin does not tell Helga that he still feels that impression but simply not directed towards her. He prefers not telling her as he does not wish to hurt her but also because he would be at a loss trying to explain towards whom he has these feelings. He stands up and decides to discharge himself from the hospital as they can find nothing wrong

Rita wipes away the tears from her face and decides to start her mission at the House of Love. She opens the doors to the visitors and graciously answers all their questions about the great love between Nina and Harold the rock star. As honeymooners and couples pass by admiring the various emblems of love she feels her heart warm up to them as she can feel the love surging from them and towards her, pacifying her.

Martin accompanies Helga home and goes through his things. He realises he cannot stay with Helga and feels sorry for having given her false hopes again. He wants to understand more about himself and why he is feeling so forlorn for a love he cannot identify. He knows that his therapist is not going to help him much because he only asks questions and Martin knows that he does not have the answers to any of the questions that the therapist would probably ask. While he is going through his things, he sees a brochure for a place called House of Love and notices that he had circled the address and scribbled down a series of dates and a phone number. He calls the phone number and a person responds that it is an agency that organises honeymoon vacations as well as retreats for couples in a place called the House of Love.

Martin parks his car outside the place called the House of Love and realises it seems as familiar as the agency had seemed. He rings the bell and is welcomed by a butler who takes his coat and tells him that he is a bit early but the House of Love never rejects visitors so he would be welcome to stay in the library while the lady of the house gets ready for visitors. After a short while, Rita goes into the library to welcome the first visitors and comes face to face with Martin.

  • Martin! She exclaims
  • I know you, he answers
  • How did you get here
  • I know you. Who are you?

Rita throws her arms around him and in that instant all the other essences of Martin gather again within him and he knows. He turns her face slowly towards him and kisses her with all of his longing realising this was the woman he had been longing for when he woke up in that hotel room.

  • I know you from before Time, he says
  • I love you from beyond Time, beyond doubt…

He kisses her and the visitors who start pouring into the House of Love start clapping. Some japanese visitors among them take photographs or videos thinking that this is a performance which is part of the exhibition. You and I look at each other with delight though we know that this will definitely be sending some more ripples across time.

Le Flex – Kiss Me

Tales of the Wretched: Fantine – Chapter 3 : A way out

Tales of the Wretched – Fantine Chapter 3 : A way out

28 November 2017

Christian Schloe--surreal-art-digital-art
Courtesy Christian Schloe

 

Michel enters his car, puts on the radio and clasps his hands together to stop them from trembling. The countenance he had kept earlier when meeting Fantine and Patrick falls apart as he is flooded by memories and deeply hidden desires. After all those years of searching for her, he has finally found her and perhaps, just perhaps, he can make things happen between them. He remembers that she used to feel some sort of pity for him and would always protect him but back then already he had fallen in love with her. She was his hero and the love of his life. He remembers the day she had put on her jasmine perfume for the first time and how he had loved its smell. He had loved it to the extent that he got into a broil with the Ugly trio just so that she would come rescue him and he could smell that scent again while she interposed herself between him and the Ugly trio.

Slowly Michel extracts a photograph from a brown bag he retrieved from the glove box. It is a class photograph and in it Fantine and he are sitting side by side among several other classmates. He looks at the photograph lovingly caressing the contours of Fantine’s face. What would she think of him if she knew how madly he was in love with her and how desperately he had wanted her to be his. All those years looking for her had not reduced on bit of his longing for her. She pervaded his every sense and was the motivating factor of all those days at the gym when he sought to get a body that she would admire. He wanted her to be proud of him, to love him, to find him worthy of her and to finally become his.

Michel puts the photograph back in the glove box and eases himself out of the car again. He walks rapidly towards the shawarma place where Fantine is still finishing her shawarma plate. If she is surprised when she sees him come back she does not let it show on her face as she welcomes him back.

  • Hello Michel. Did you forget something
  • You. I mean, no, I could never forget you. What I mean is I have come back for you
  • What do you mean?
  • I want to make you a proposal. I want you to be mine
  • I don’t do the paid mistress part. It is not my cup of tea as I earn more doing what I do.
  • I don’t mean that. I mean a real proposal. I want you to be my wife

Fantine draws a sharp breath in but says nothing. In the earlier years she used to fantasize that some man would come rescue her; someone who would make her such a proposal and she would be able to live in a small house with children and a man to make a home for but it had never happened. As the years had gone by, she had got used to doing what she did and ultimately come to terms with it.

  • I don’t think that I can accept that Michel, she says softly
  • Why not?
  • I used to have that dream once but now I am used to what I do. Besides, who would pay me and arrange for the money to be sent back home if I stop working
  • I would. I will give you all the money to match your earnings and even try to surpass it. I am well paid you know, as a commissioner
  • You have no idea how much I make. How could you match it
  • I am not only offering you money. I am offering you a way out. Don’t you feel tired sometimes and wish you could do something else?

Fantine bites her lip. Yes, she does feel sometimes terribly tired and wishes that she were doing something else but that thought is soon forgotten as she focuses on the outcome for her mother.

  • You are right but I know I can count on myself while I don’t know if I can count on you
  • I will not betray you. I will never leave you
  • If you knew how many men come here that are married, you would understand why I find it difficult to believe you. I am sure they too told their wives at some point that they would never leave them.
  • I have some savings. If you don’t believe me I can give you all my savings in advance so you are assured that you would never lack money

Fantine bites her lip again. In all the years she had dreamed of someone coming and rescuing her she had imagined a grandiose declaration and firework everywhere. This seems so calm and measured that it somehow feels unreal. Yet she can feel her heart warm up to the idea and Michel is a handsome man though graying. She holds her hand out to him and whispers that she might just take his way out even though she does not know where it will lead the both of them. Michel cries tears of joy and holds her against his heart. He does not care what the men working under him will think or say. All that matters is that Fantine will be his at last.

Phaedrus – Jade