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Title: Circular No. (7) of 2019 to All Persons Licensed by the Capital Markets Authority Regarding the Notification Issued by the American Internal Revenue Service (IRS) on Version No. 2.0 Concerning the Requirements of FATCA XML Schema
Date Publish 02 June 2019


With reference to the subject above, and the FATCA Agreement between Ministry of Finance (State of Kuwait Government) and U.S. Department of the Treasury (U.S.A. Government), the CMA draws the attention of all licensed persons subject to its supervision, and who are subject to the scope of application of FATCA Law, to the fact that the American Internal Revenue Service (IRS) is about to update FATCA XML Schema.

Kindly adhere with the following:

First: Report on FATCA XML Schema of 2018 from June 1 to August 30, 2019 though the website of the Ministry of Finance http://www.mof.gov.kw/FATCA.aspx in accordance with the notification issued by the American Internal Revenue Service (IRS) on Version No. 2.0 concerning the requirements of FATCA XML Schema.

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

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

Fourth: 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

Therefore, we attach the concerned regulations issued by Ministry of Finance.
 
For any inquiries, kindly contact Ministry of Finance on the following email address:
 
fatca-inquiry@mof.gov.kw 

Kind Regards,
Prof. Ahmad Al-Melhem
Chairman of CMA Board of Commissioners - Managing Director
Issued on: 02/06/2019

Attachments:
- Notification issued by IRS on version 2.0 concerning the requirements of FATCA XML
- Copy of (Issue Number: 2016-24) issued published on the IRS website  
 

Copy of the Official Document

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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