Pursuant to the Ministerial Resolution No. 48 of 2015 relate to the implementation of FATCA requirements in the State of Kuwait.
Financial institutions look for FATCA services in order to meet criteria of FATCA Law that is now in effect in the State of Kuwait. FATCA law was enacted by the US government in 2010 with the goal of enhancing tax compliance and preventing tax evasion by US citizens who maintain accounts and other assets abroad. Inter-Governmental Agreement (IGA) between United States of America and the State of Kuwait to Improve International Tax Compliance and Implement FATCA mandates that all financial institutions (FIs) operating in the State of Kuwait must adhere to all criteria.
Allinial – Kuwait provides financial institutions in the State of Kuwait with FATCA services concerning the following FATCA mandates:
- FATCA Assurance Services
- FATCA FFI Classification Attestation.
- FATCA Disclosure Guidelines Verification.
- Issuance of Annual/ On Demand FATCA Compliance Certification for financial institutions about the extent of compliance with FATCA requirements and integrity of processes and procedures in place.
- FATCA Consultancy Services
- Establishing FATCA Process, Policies and Procedures.
- Solving issues related to FATCA reporting.
