The “Arab Times Online” has published an article stating that the Kuwaiti Ministry of Finance has submitted the first list of “U.S. Persons” to the U.S. Internal Revenue Service (IRS) in accordance to the FATCA agreement between the two countries.
This information has been provided to the Kuwaiti Ministry of Finance through 123 local companies in the financial sector. These include “24 banks, 38 investment funds, along with 49 investment companies, 7 insurance companies, and 5 others”. All companies in the financial sector are required to submit the information or have 30% of their revenues deducted.
For the full article, click here.