KUWAIT: Financial establishments involved in the US Foreign Account Tax Compliance Act (FATCA) law will have to submit their second annual reports by the end of this June, said financial sources. The deferral made from June 30 to November 30 last year was exceptional and made upon a request made by Kuwait's finance ministry to the US treasury, the sources noted.

The sources added that upon instructions from the US Internal Revenues Service (IRS), the finance ministry had updated its software using the FATCA XML Schema v2.0. Some financial establishments said that the ministry had updated its system without informing them and that using the old software might have their reports rejected by the ministry system. Establishments subject to the law will have to submit reports about their financial and investments assets over KD 50,000 for individuals and KD 250,000 for companies.

By A Saleh