Kuwait has implemented FATCA and CRS regulations to combat tax evasion and to enforce policies regarding ethical tax practices.
Financial Institutions in Kuwait are required to submit annual CRS & FATCA reports
Kuwait has implemented FATCA and CRS regulations to combat tax evasion and to enforce policies regarding ethical tax practices aimed at ensuring the right amount of tax is paid to the appropriate tax authority. Financial Institutions (i.e. Banks, Investment companies, Specified Insurance company etc.) in Kuwait are required to submit annual reports approved by a local auditor regarding compliance with FATCA and CRS requirements, with the Ministry of Finance, Kuwait (“MOF”).
How we can help:
KPMG Kuwait helps make global information reporting manageable. AEOI involves the systematic transmission of large amounts of information (such as investment income) from the tax administration where the account is held to the tax administration where the taxpayer is resident. The resident tax administration can then verify whether the taxpayer has accurately reported income.
KPMG's teams of highly experienced professionals include former regulators, tax authorities and industry executives that have helped develop model IGA agreements, negotiated bilateral and multilateral instruments and drafted regulatory guidance. The teams are in regular dialogue with tax authorities and local government officials and are active contributors on a number of advisory and industry committees