------------- -------------- ------------------- -------------------

FATCA cheats risk ‘passports’

 KUWAIT CITY, Jan 13, (KUNA): Kuwaiti citizens who possess US passports need to straighten out their US tax status to avoid the penalty of having their US passports scrapped, said Abdulaziz Al- Anjeri, head of the American Tax Bureau in Kuwait.

The US government has lately passed a law invalidating the US passport of anyone who does not pay their due taxes in accordance with the requirements of the US Foreign Account Tax Compliance Act (FATCA), said Al- Anjeri in a press statement.

The law stipulates that anyone incurring back taxes in the amount of $50,000 or more is subject to have their passport revoked, he said, stressing that US tax authorities are dogged about collecting due taxes on time and will go to the limit in enforcing penalties on tax dodgers. Abiding by FATCA requirements promptly concerns in the main US citizens who work abroad and also foreign financial institutions who keep bank accounts or other financial assets of US citizens and therefore must report to US tax authorities the particulars of these accounts and assets, said Al-Anjeri. He added that the loss of a US passport entails its bearer to face possible criminal charges.

He urged all Kuwaiti citizens, bearers of US passports, to pay serious heed to FATCA requirements and conditions and to comply promptly with US tax laws in order to avoid problems.

Check Also

‘Database’ of 118 local firms compiled so far under FATCA

Finance has no clue about number of people covered KUWAIT CITY, Sept 24: Unconfirmed statistics …

One comment

  1. The title of this article incorrectly implies that an individual who was accidently born in America is automatically a criminal since the US government is the only corrupt regime in the world, along with Eritrae, which subjects unrepresented diaspora living in other nations to the crime of offshore double-taxation.

    There are many reasons why the US government might greed for money belonging to and generated in the economies of other nations. Such could be the result of identity theft, where a greedy individual living in America misused the identity of a helpless resident of Kuwait, creating a bill in the US of $50k or more. Or, the US might create faulty US laws, like FBAR, which subject residents of Kuwait to excessive penalties for engaging in innocent activities, such as local banking. Or, it could cause discrimination with faulty laws like FATCA, preventing innocent individuals from practicing local banking.

    Yet, overall, acts of violating the human right to movement benefit the mafia-style compliance industry which always seeks to profit from corrupt government policy.

Translate »