Bahrain: Foreign and Tax Compliance Act Framework Approved
Type
E-journal
Date
9 Sep 2013
Jurisdiction
Bahrain
Taxonomy
Financial Institutions, Relationship Between Banker & Customer, International Tax
Copyright
LexisNexis
Associated digest links
Gulf Cooperation Council: Inventory of US Citizen Accounts Launched, LNB News 12/08/2013 74, Middle East: Review of Foreign Account Tax Compliance Act's Regional Impact Urged, LNB News 25/04/2013 56, Bahrain: Central Bank Issues Foreign Account Tax Compliance Act Instructions, LNB News 22/02/2013 19, Foreign Account Tax Compliance Act Update: Implementation Concerns in the Gulf Cooperation Council, LNB News 23/01/2013 45, KPMG: US Treasury and IRS issue final FATCA regulations, LNB News 18/01/2013 89, Qatar: Central Bank Calls for Foreign Account Tax Compliance Act Review, LNB News 15/01/2013 26, Analysis-FATCA IGAs Alter the Compliance Landscape, LNB News 04/10/2012 13, USA: Treasury Releases Model Intergovernmental Agreement for Implementing the Foreign Account Tax Compliance Act to Improve Offshore Tax Compliance and Reduce Burden, LNB News 14/08/2012 63, Arabic Banks Union Calls Recommends Adopting European Option in Implementing FATCA, LNB News 10/07/2012 37, Egyptian Banks Union Refuses Implementing FATCA, LNB News 09/07/2012 80, Arabic Banks Union Examines FATCA Implementation and Impact, LNB News 22/05/2012 55, UK sets out approach to US anti tax evasion legislation, FATCA, LNB News 08/02/2012 99, US Tax Act to Impact Banks in UAE, LNB News 11/05/2011 50
Analysis
The Executive Director of Financial Institutions Supervision for Bahrain's Central Bank, Abdul Rahman Al Baker has written to the Chief Executives and Chief Compliance Officers of all licensed institutions to advise them the FATCA Intergovernmental Agreement Model One has been selected as the framework for the reporting of the FATCA requirements in the Kingdom.
The letter also informs licensees the implementation timetable has been extended to June 2014.
Licensees are advised to provide the Central Bank with a detailed report outlining the steps taken to ensure all systems and procedures (including IT systems, customer accounting operating procedures and human resources procedures) are in place and ready to meet the FATCA requirements
Each licensee must also provide the Central Bank with a detailed action plan which will be implemented to ensure full compliance with FATCA.
The report should be sent to Ahmed Bumtaia, Director, Compliance Directorate at abumtaia@cbb.gov.bh and compliance@cbb.gov.bh no later than 30 September 2013.