Saudi Arabia: Zakah Department Trials Foreign Account Tax Compliance Act System
Type
E-journal
Date
7 Mar 2016
Jurisdiction
Saudi Arabia
Taxonomy
Relationship Between Banker & Customer, General Tax Law, International Tax
Copyright
LexisNexis
Analysis
Saudi Arabia's Zakah Department which is responsible for collecting Islamic tax, has confirmed the Department is set to sign an agreement with the US Tax Department to improve the implementation of the Foreign Account Tax Compliance Act (FATCA).
The Zakah Department has allocated a special window on its electronic portal to enable Saudi banks and finance firms to register and submit the information of American nationals or dual nationals' customers.
An official from the Department said the agreement also outlines the timeframe within which the details should be handed over to the American Tax Department which ends in September 2016.
For full story see: http://www.aleqt.com/2016/03/01/article_1034667.html