FATCA Services

FATCA Services

FATCA Services

All financial institutions operating in the State of Kuwait are required to comply with all requirements set forth in the Inter-Governmental Agreement (IGA) between the State of Kuwait and the United States of America to Improve International Tax Compliance and to Implement FATCA, and the Ministerial Resolution No. 48 of 2015 concerning the preliminary guidelines to implementing FATCA requirements in the State of Kuwait.

Pursuant to the aforesaid Ministerial Resolution, all financial institutions operating in the State of Kuwait shall use due diligence by reviewing and identifying the financial accounts belonging to US persons and then communicate the information relating to such accounts to Kuwait Ministry of Finance, which in turn will transfer the information to US Internal Revenue Service (IRS).

As per the aforesaid Ministerial Resolution, all financial institutions operating in Kuwait shall comply with reporting requirements in accordance with FATCA Agreement and meet the Agreement requirements by taking a set of actions as detailed in the above mentioned Ministerial Resolution, within the prescribed time frame.

Services provided by Baker Tilly

  1. FATCA Consulting Services

    • Preparing a FATCA GAP analysis report.
    • Developing FATCA policy and procedures.
    • Providing ICT consulting services for FATCA data classification and data security.
    • Training courses and workshops.
  2. FATCA Assurance Services

    • FATCA FFI Classification Attestation
      (Reference: Ministerial Resolution No. 48 of 2015 concerning the preliminary guidelines to implementing FATCA requirements, Article 2, Clause 1)
    • FATCA Reporting Procedures Attestation
      (Reference: Ministerial Resolution No. 48 of 2015 concerning the preliminary guidelines to implement FATCA requirements, Article 2, Clause 5)
    • Issuance of Annual/ On Demand FATCA Compliance Certification for financial institutions about the extent of compliance with FATCA requirements and integrity of processes and procedures in place
      (Reference: Ministerial Resolution No. 48 of 2015 concerning the preliminary guidelines to implement FATCA requirements, Article 2, Clause 6)

      Pursuant to Article (6) of Ministerial Resolution No. 67 of 2015 concerning the Regulation on the Registration of Audit Firms in the Register of FATCA Agreement in the State of Kuwait, the audit firm appointed as the external auditor of a financial institution may not undertake the engagements of reports and certificates related to FATCA requirements and act as the external auditor of the same financial institution.

Added value to business entities from FATCA Reporting/Consulting Services

  1. Comply with laws, regulations, resolutions and instructions issued by the regulators;
  2. Enhance business entity’s reputation and promote  all stakeholders’ confidence; and
  3. Contribute to optimizing efficiency and reputation of the banking and financial services sector, and adherence to international legislations

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