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
 Nov 25 2015 - Qatar- Turkish warplanes shot down jet near Syrian borderThe Peninsula
(MENAFN - The Peninsula) ISTANBUL: Turkish warplanes shot down a jet near the Turkish-Syrian border on Tuesday after it violated Turkish airspace CNN Turk reported. Turkish military official says ...

 Nov 25 2015 - State of emergency in Tunisia after bombingGulf Times
(MENAFN - Gulf Times) Tunisia's President Beji Caid Essebsi declared a nationwide state of emergency and curfew in Tunis after a deadly bomb attack yesterday on a presidential guard bus in the ...

 Nov 25 2015 - Kerry meets Netanyahu, Abbas, urges steps for calmGulf Times
(MENAFN - Gulf Times) US Secretary of State John Kerry yesterday said there was "no justification" for a wave of Palestinian knife, vehicle and shooting attacks against Israelis, but urged Israel to ...

 Nov 25 2015 - Kuwait- Maroons, DBO register huge wins - DHL, KGA share spoilsArab Times
(MENAFN - Arab Times) European Champions League football, Indian Super League or the English Premier League may be hogging all limelight in football these days but that has not deterred players ...

 Nov 25 2015 - Alghanim Industries sponsors NUKS USA Branch confab - Event to take place in San Diego from Nov 25 to 28thArab Times
(MENAFN - Arab Times) Alghanim Industries, one of the largest private companies in the region, has announced its sponsorship for the 32rd annual conference of the National Union of Kuwaiti Students ...

 Nov 25 2015 - Six dead as bomb targets Libya checkpointGulf Times
(MENAFN - Gulf Times) At least six civilians were killed and 14 wounded in a bomb attack on a Libyan security checkpoint yesterday near Khoms, east of the capital, a security official said. The ...

 Nov 25 2015 - Kuwait index retreats 8.64 pts volume drops - NBK dips 20 fils Humansoft Holding soarsArab Times
(MENAFN - Arab Times) Kuwait stocks retreated Tuesday snapping the three-day upswing. The bourse slipped 8.64 pts in lackluster trade to 5,765.04 points as profit taking weighed on select counters ...

 Nov 25 2015 - Kuwait dinar down to 2009 level in forwards - Low oil prices reduce liquidityArab Times
(MENAFN - Arab Times) The Kuwaiti dinar fell sharply against the US dollar in the forward market on Tuesday, to levels last seen in 2009, reflecting a shortage of dinars in the cash market as low oil ...

 Nov 25 2015 - Gulf Bank hails success of inaugural 'Gulf Bank 642 Marathon' - Kuwait lender reaffirms its commitment to healthy lifestyle and fitnessArab Times
(MENAFN - Arab Times) Gulf Bank hails the success of the inaugural Gulf Bank 642 Marathon, the first accredited international marathon road race ever to be held in Kuwait. The Bank also congratulates ...

 Nov 25 2015 - Tunis bomb attack on presidential guard bus kills 14Arab Times
(MENAFN - Arab Times) A bomb exploded on a bus transporting Tunisia's presidential guard in central Tunis Tuesday killed at least 14 people and wounded 11, the interior ministry said. A security ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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