The Kuwait Ministry of Finance issued Ministerial Order No. (68) Of 2016 announcing that KPMG Safi Al Mutawa and Partners are authorized to provide Foreign Account Tax Compliance Services (FATCA). FATCA is a US legislation which requires the Foreign Financial Institutions (FFI’s) to identify and report US persons to whom the law applies to the US Internal Revenue Service (IRS). Kuwait has signed an Inter-Governmental Agreement (IGA) agreement with US with reference to FATCA compliance. In addition to FATCA, Kuwait also signed a Common Reporting Standard (CRS) Multilateral competent Authority Agreement which requires all parties’ signatories to this agreement to automatically exchange financial account information with each other. This agreement has been signed by over 80 countries till now. Kuwait would require the local Financial Institutions to start reporting under the CRS regime mid-2018. KPMG in Kuwait is able and authorized by the Kuwait Ministry of Finance to support your business with FATCA compliance where applicable. In addition, KPMG in Kuwait can also support your business in understanding the impact of CRS on your company and provide solution and compliance..
As outlined in the intergovernmental agreement between Kuwait and the USA, the second phase of FATCA reporting introduces new requirements.