Kuwait to ink FACTA deal with US

April 9, 2014 1:12 pm

The Kuwaiti finance ministry has announced the government plans to sign the Foreign Account Tax Compliance Act (FATCA) Agreement with the US administration, Kuna has reported. The agreement stipulates the collection and submission of financial accounts of US institutions and citizens, the ministry said. A committee, comprising representatives of the ministry’s Tax Department, the Foreign Ministry, the Central Bank of Kuwait, and Kuwait Banks Association, has already notified relevant financial institutions to submit data of American clients to see whether they comply with the Provisions of the FATCA Agreement, said the ministry.