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CMA LAW: Circular No. (10) of 2018 Regarding Complying with Reporting Requirements According to the FATCA Agreement
Date Publish
31 July 2018
Circular to all Licensed Persons
Chairman of the Board of Directors
Greetings,
With reference to the subject above, and the FATCA Agreement –version 1.0- between Ministry of Finance (State of Kuwait Government) and U.S. Department of the Treasury (U.S.A. Government), as this Agreement requires all financial institutions operating outside the United States to report regularly to the IRS, and must adhere to the following:
First: The Ministry of Finance receives the FATCA reports for the year 2017 during the period from June 1st to 30th August of 2018 through the Ministry of Finance’s website http://www.mof.gov.kw/FATCA.aspx , as per the notice issued by the Internal Revenue Service (IRS) regarding version 2.0 of the requirements of the 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
Kind Regards,
Attachments:
- Notification issued by IRS on version 2.0 concerning the requirements of FATCA XML
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.
