Kuwait: US Tax Department Calls for Speedier Implementation of Foreign Account Tax Compliance Act
Type
E-journal
Date
30 Mar 2015
Jurisdiction
Kuwait
Taxonomy
Relationship Between Banker & Customer, International Banking, International Tax
Copyright
LexisNexis
Analysis
Financial sector professionals in Kuwait have confirmed the US Tax Department has called on the country to speed up its implementation of the Foreign Account Tax Compliance Act.
The Department is awaiting reports from Kuwait about FATCA implementation and they have amended the Intergovernmental Agreement.
However Kuwait's Finance Ministry has rejected the amendments and has launched consultations with the Department aimed at setting up a meeting in April to discuss the amendments and other issues.
The financial sector professionals added Kuwait's public departments are reviewing the necessary forms and guidelines to ensure all relevant departments are aware of the FATCA requirements before they are actually implemented.
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