Kuwait sends FATCA-related reports to US

KUWAIT, Dec 10 (KUNA) -- The Ministry of Finance announced on Saturday it had dispatched reports concerning compliance by the US Foreign Account Tax Compliance Act (FATCA) to the US treasury department on November 30th according to schedule.
The ministry has set up a special electronic gateway that can be used by the concerned financial institutions. Moreover, two workshops have been organized to lecture about the website and FATAC regulations, in force in Kuwait.
It explained to the concerned financial institutions that in case filed reports included some errors, it would provide a 180-day grace period to make corrections, pending re-filing. Nevertheless, all reports that had been submitted to the ministry special department tasked with such issues were flawless. (end) osj.rk