Tax Compliance (FATCA – CRS)

Tax Compliance (FATCA – CRS)
The Foreign Accounts Tax Compliance Act (“FATCA”) is a US reporting standard, which became effective as of July 1, 2014. It requires all foreign financial institutions (“FFIs”) residing outside the US to agree with the tax authority in the United States (known as the Internal Revenue Service (“IRS”), to identify and report the US accounts held or managed by them to the IRS.
Inter-Governmental Agreement (IGA) is an agreement between the US and a FATCA in the state of Kuwait; “IGA” compels the financial institutions in Kuwait to fulfill the requirements of FATCA.
For Common Reporting Standards “CRS”, governments around the world introduced a new information-gathering and reporting requirement or standard for financial institutions known as the Common Reporting Standard “CRS” for the exchange of tax and financial information. The Ministry of Finance in Kuwait issued Ministerial Resolution No. 36 of 2017, on 16 July 2017 with instructions on the method of implementing “CRS” in Kuwait, which requires financial institutions in Kuwait subject to CRS to perform certain due diligence to identify, document and report accounts to the Ministry.
Services offered by UHY Pillars include:
– FATCA and CRS implementation
– FATCA and CRS reporting
– FATCA and CRS account treatment
– FATCA and CRS assessments
– Drafting policies and procedures for FATCA and CRS
– FATCA and CRS assurance services