Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait to sign US tax compliance act  Join our daily free Newsletter

MENAFN - Arab Times - 09/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) The Kuwaiti government announced Tuesday its desire to sign the Foreign Account Tax Compliance Act (FATCA) Agreement with the US administration. In a press statement, the Finance Ministry here stated the agreement stipulates the collection and submission of financial accounts of US institutions and citizens. It pointed out that the FATCA act obliges all financial institutions whether they practice their business in or outside US territories to submit annual reports to the Internal Revenue Services (IRS) on any US Holding Accounts that exceed 50,000. It unveiled that the Ministry of Finance has formed a committee including representatives of the Ministry's Tax Department, Foreign Ministry, Central Bank of Kuwait, and Kuwait Banks Association to prepare for signing the FATCA agreement



The committee has already notified relevant financial institutions to submit data of American clients to see whether they comply with the Provisions of the FATCA Aeement. Non-compliant Americans will be asked to register on the website of the Internal Revenue Services before 5th of May 2014. FATCA was enacted in 2010 by the Congress to target noncompliance by US taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the Internal Revenue Services (IRS) information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest. The financial institutions that do not both register and agree to report face a 30 percent withholding tax on certain US-source payments made to them




Nearly 26 European countries have already signed the FATCA agreement and 19 others are in the final negotiation stage. Almost all Gulf Cooperation Council states have started taking serious step towards signing the FATCA Agreement before the set deadline, 1st of July 2014, to prevent any US penalties imposed on their financial institutions

 


Arab Times




  MENA News Headlines
 Jul 31 2016 - Credit Czar David Howe Proclaims MCTV President Robert Gessner's ACA Re-ElectionMENAFN Press
(MENAFN Press) Credit Czar David Howe Proclaims MCTV President Robert Gessner's ACA Re-Election Robert Gessner, MCTV President David Howe SubscriberWise CEO and FICO Pro SubscriberWise ...

 Jul 31 2016 - ACC GLOBAL MEDIA features Adele Tartaglia Founder of Mind Body Behavioral Reprogramming, Texas & NationwideMENAFN Press
(MENAFN Press) ACC GLOBAL MEDIA features Adele Tartaglia Founder of Mind Body Behavioral Reprogramming, Texas & Nationwide Adele Tartaglia, Founder of Mind Body Behavioral Programming ACC Global ...

 Jul 31 2016 - UAQ Ruler congratulates Moroccan Monarch on the Throne DayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) UMM AL QAIWAIN, 30th July, 2016 (WAM) - H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has sent a ...

 Jul 31 2016 - New global survey shows E-government emerging as a powerful toolEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) NEW YORK, 30th July, 2016 (WAM) - The United Kingdom, followed by Australia and the Republic of Korea, lead the world in providing government services and ...

 Jul 31 2016 - Ajman Ruler congratulates Moroccan Monarch on the Throne DayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 30th July, 2016 (WAM) - H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has sent a congratulatory cable to King ...

 Jul 31 2016 - DEWA requires Ejari for activation of utility services as per highest international standardsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 30th July, 2016 (WAM)--Dubai Electricity and Water Authority (DEWA) has requested all its customers to provide their Ejari certificates from the ...

 Jul 31 2016 - Diplomats visit Liwa Date FestivalEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) WESTERN REGION, 30th July, 2016 (WAM) -- A number of members of the diplomatic corps accredited to the state and other guests visited the Liwa Date ...

 Jul 31 2016 - Saif bin Zayed orders setting up of committee to license traffic accidents' expertsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 30th July, 2016 (WAM) -- H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and the Minister of Interior, has ordered the ...

 Jul 31 2016 - Dubai set to become international hub for 3D printingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 30th July, 2016 (WAM)--Dubai's active initiatives toward encouraging 3D printing are set to make it the world's leading destination in this additive ...

 Jul 31 2016 - ADM, strategic partners meet residents of Al FalahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 30th July, 2016 (WAM)-- Abu Dhabi City Municipality (ADM) has held a gathering (Al Multaqa) with Al Falah residents to assess their needs for ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help