Latest News
- No Transactions Without Biometrics
- Passenger Caught With Pure Cocaine From Europe
- The Elderly Man Was Not Insulted By Me
- 97% Of MEW Workforce Are Kuwaitis; Strength 34,417
- Rushing Home For 'iftar' Causes Accidents And Deaths
- Expect Hot Days, Cool Nights, And Thunderstorms In Kuwait
- Health Procedures For Expatriates Updated
- Kuwait's Agility Global Seeks Inclusion On Abu Dhabi's ADX
- Public Authority For Industry Completes Industry Law Amendment P...
- Indian Ambassador Hosts Ramadan Celebration In Kuwait
- Al-Mashaan Grants Authority For Transfers Of Municipal Departmen...
- For The Expansion Of The Subiya Site, 204.178 Million Dinars And...
7,000 Kuwaitis With 2.3bn Dollars The Average Per Individual Is Kd 100,000 In Fatca Reveal
The USA Tax and Financial Consultants Office in the Middle East confirmed that Kuwait has revealed the accounts of about 7,000 Kuwaitis who hold dual citizenship and are covered by the US tax laws according to the Foreign Account Tax Compliance Act (FATCA), reports Al-Anba daily quoting informed sources.
Sources said the total balance in the accounts of Kuwaitis holding US citizenship is $2.3 billion and the average per individual is $328,000 (KD 100,000). Sources added these monies are in Kuwaiti banks and foreign banks which have branches in Kuwait.
Last week, Kuwait’s Ministry of Finance provided the US Department of the Treasury with financial reports on accounts of Kuwaiti-US citizens and companies as per the agreement signed by Kuwait and the United States of America in April 2015 to improve international tax compliance and application of FATCA.
It has been reported that the deadline for submitting the required reports to the US Department of the Treasury was last week. All Kuwaiti banks complied by collecting the account balance data of their customers and submitting them to the Finance Ministry. The US law imposes fine that could exceed $10,000 for any undisclosed foreign account.
Â
SOURCE : ARABTIMES
Trending News
-
MoI Urges Biometric Fingerprinting Compliance Ahea...
21 March 2024
-
5 Days Holiday For Eid Al-Fitr Begins On April 9th
25 March 2024
-
Over 120,000 Expat Offenders Will Benefit From Kuw...
14 March 2024
-
Kuwait Offering Amnesty To Illegal Expats
17 March 2024
-
From April 1 To July 1, Kuwait Grants Amnesty To V...
14 March 2024
-
Kuwaiti Banks Elevate Non-Resident Credit To 4.17...
18 March 2024
-
Central Bank Of Kuwait Provides Banks With New Ba...
20 March 2024
-
Kuwait's Clean Energy Journey: Progress And Challe...
23 March 2024
-
Banks In Kuwait Report Robust Profits Despite The...
21 March 2024
-
Driving Licenses With Smart Technology
25 March 2024
Comments Post Comment