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CMA LAW: Circular No. (04) of 2021 to All Persons Licensed by the Capital Markets Authority Regarding Compliance with the Reporting Requirements According to FATCA and CRS Agreements
Date Publish
10 March 2021
In reference to the subject above, and in implementation of the FATCA and CRS agreements between the Ministry of Finance (State of Kuwait Government), the Internal Revenue Service (IRS) (U.S.A. Government) and the Organization for Economic Cooperation and Development (OECD), and in accordance with FATCA and CRS agreements, all operating financial institutions shall submit reports regularly. Accordingly, the CMA draws the attention of all licensed persons subject to its supervision, and who are subject to the scope of application of FATCA and CRS agreements to the following:
First: The Ministry of Finance receives the reports of FATCA and the Common Reporting Standard (CRS) of 2020 until May 31, 2021 though the website of the Ministry of Finance http://www.mof.gov.kw/FATCA.aspx .
Second: The Electronic application available on the website of the Ministry of Finance has been updated to include Schema version 2.0 for the requirements of the CRS.
Third: In light of the developments of FATCA report, the tax number field (TIN) has been updated on the electronic portal of the Ministry of Finance for transferring information to FATCA.
Fourth: Financial institutions wishing to cancel reports previously submitted in previous years due to some errors can do so 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 regulations issued by Ministry of Finance in this regard.
For any inquiries, kindly contact the Ministry of Finance via the following email address:
Kind Regards,
Othman I. Alissa
Acting Managing Director
Issued on 10/03/2021
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.
