Friday , January 19 2018

Tag Archives: FATCA

‘Compliance in Kuwait with FATCA 100%’

KUWAIT CITY, Dec 7: The compliance of financial institutions with the Foreign Account Tax Compliance Act (FATCA) in Kuwait is 100 percent, reports Annahar daily quoting regulatory source. The sources added, the rate of compliance by law-abiding individuals who hold the US citizenship has reached the same percentage in the …

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Bid to globalize FATCA

KUWAIT CITY, Nov 20: Bankers around the world disclosed there is an international trend to globalize the Foreign Account Tax Compliance Act (FATCA) on foreign accounts of the Americans under the name Global Account Tax Compliance Act (GATCA), so most countries in the world, including Kuwait, can apply it on …

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FATCA ‘files’ sent off to US

KUWAIT CITY, Oct 7: The Ministry of Finance has sent the first official list of names of Americans and Kuwaitis who also hold the US citizenship to the US Department of Revenue in compliance with the Foreign Account Tax Compliance Act (FATCA) based on agreement signed between the countries, reports …

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‘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 indicate there are about 13,000 Kuwaitis holding US citizenship and they have the option now to file bank and tax statements and benefit from the tax reconciliation program or make a formal request to the …

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Local banks express concern over uncooperative clients

Merge self-certification forms for FATCA and CRS to simplify KUWAIT CITY, June 8: Local banks have expressed concern over the consequences of the decision on calling the uncooperative clients controlled by the Common Reporting Standard (CRS) that contradicts the confidentiality code in dealing with bank information, reports Al-Rai daily. These …

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‘US companies in Kuwait have reservations against FATCA’ – ‘Many against JASTA’

KUWAIT CITY, Jan 15: Strategic Consultant at Ernst &Young Company, Executive Member and Head of the Coordinating Committee for American Business Council in Kuwait Abdul-Aziz Al-Othman affi rmed that American companies in Kuwait have reservation against the implementation of FATCA, reports Al-Nahar daily. Al-Othman explained the reservation is based on …

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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 …

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Local banks refuse to provide financial information about expats without permission

KUWAIT CITY: Local banks have affirmed their refusal to provide financial information about their clients without the permission of the latter, reports Arab Times daily quoting informed sources. They explained that some countries have been considering implementing a law to demand income tax from their citizens who work in Kuwait …

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Over 500 financial reports provided – ‘Bank accounts of dual Kuwaiti-US citizens’

KUWAIT CITY, Dec 1: Ministry of Finance, earlier this week, provided the US Department of Treasury with more than 500 financial reports on the bank accounts of dual Kuwaiti- US citizens and companies, reports Al-Rai quoting informed sources. They revealed that this move is in line with the activation of …

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Bankers question status of account secrecy for expats – ‘Treaty mirrors FATCA’

KUWAIT CITY, Nov 30: “Is Kuwait moving towards lifting the ‘banking secrecy’ of expatriates’ bank accounts?” — This question was raised by banks to the Central Bank of Kuwait during a recent meeting. However, they did not receive a transparent answer that could dispel the banking sector’s fear that such …

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