(MENAFN- Arab Times) The US passports of some 6,000 Kuwaitis, among other 250,000 GCC citizens are vulnerable to sanctions by early next year unless they pay their taxes next month, according to the Foreign Account Taxes Compliance Act (FATCA), reports Al- Shahed daily.
As of the beginning of January 2016, the US Internal Revenue Service (IRS) - the government agency responsible for tax collection and tax law enforcement, will be tracking Americans who are not abiding by the law obliging all financial institutions worldwide to collect taxes from American customers whose savings and income exceed $50,000 for the benefit of IRS, and possibly, their US passports will be revoked.
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