Title: Circular No. (05) of 2022 to All Persons Licensed by the Capital Markets Authority Regarding Compliance with the Reporting Requirements According to FATCA and CRS Agreements

In reference to the subject above and to FATCA agreement signed on April 29, 2015 and CRS agreement signed on August 19, 2016 according to which the financial institutions in the State of Kuwait are obliged to cooperate internationally to exchange information for tax purposes. Accordingly, the Capital Markets Authority (CMA) draws the attention of all licensed persons that are subject to its supervision and the scope of application of FATCA and CRS to update the necessary forms and comply with the following:

First: Report on the Common Reporting Standard (CRS) reports of 2021 no later than May 31, 2022 through the website of the Ministry of Finance:  http://www.mof.gov.kw/FATCA.aspx and kindly follow the updates of list of the participating countries through the website of the Ministry of Finance.

Second: Report on FATCA reports of 2021 no later than May 31, 2022 through the website of the Ministry of Finance:  http://www.mof.gov.kw/FATCA.aspx based on the notification issued by the American Internal Revenue Service (IRS) on Version No. 2.0 Concerning the Requirements of FATCA XML Schema.

Third: The importance of complying with the new instructions (attached) of the tax financial institutions number (TIN) regarding uploading FATCA reports on the website of the Ministry of Finance.

Fourth: Financial institutions registered on the IRS website must submit their annual reports even if they do not have US accounts (null reports).

Fifth: Financial institutions that have past reports of previous years must submit the reports separately for each year.

Sixth: Financial institutions wishing to cancel reports previously submitted in previous years for some errors can do that by contacting the IRS directly through the IRS website:

https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca

For any inquiries, kindly contact Ministry of Finance on the following means:

Ms. Haya Al-Rujaib – tel.: 22482839

Email:

fatca-inquiry@mof.gov.kw / CRS-inquiry@mof.gov.kw .

Prof. Ahmad AlMelhem

Issued on: 28/04/2022

Notification of the new instructions of the tax financial institutions number (TIN)

The notification issued by the American Internal Revenue Service (IRS) on Version No. 2.0 Concerning the Requirements of FATCA XML Schema

The letter of the Ministry of Finance regarding the tax financial institutions number (TIN)

Copy of the Official Document

الإشعار بالتعليمات الجديدة للرقم الضريبي للمؤسسات المالية TIN

الإشعار الصادر عن إدارة خدمات الإيرادات الداخلية الأمريكية (IRS) بخصوص النسخة رقم 2.0 الخاصة بمتطلبات نموذج تقرير الفاتكا FATCA XML Schema

كتاب وزارة المالية – فيما يخص الرقم الضريبي TIN