Saturday , October 21 2017

7,000 Kuwaitis with $2.3bn in FATCA reveal

KUWAIT CITY, Dec 4: The USA Tax and Financial Consultants Office in the Middle East confirmed that Kuwait has revealed the accounts of about 7,000 Kuwaitis who hold dual citizenship and are covered by the US tax laws according to the Foreign Account Tax Compliance Act (FATCA), reports Al-Anba daily quoting informed sources.

Sources said the total balance in the accounts of Kuwaitis holding US citizenship is $2.3 billion and the average per individual is $328,000 (KD 100,000). Sources added these monies are in Kuwaiti banks and foreign banks which have branches in Kuwait.

Last week, Kuwait’s Ministry of Finance provided the US Department of the Treasury with financial reports on accounts of Kuwaiti-US citizens and companies as per the agreement signed by Kuwait and the United States of America in April 2015 to improve international tax compliance and application of FATCA.

It has been reported that the deadline for submitting the required reports to the US Department of the Treasury was last week. All Kuwaiti banks complied by collecting the account balance data of their customers and submitting them to the Finance Ministry. The US law imposes fine that could exceed $10,000 for any undisclosed foreign account.

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