Kuwait’s financial establishments 100% committed to the US FATCA

KUWAIT: State Audit Bureau sources pointed that 100 percent of Kuwait’s financial establishments are committed to the US Financial Account Taxes Compliance Act (FATCA), and that almost the same percentage of individuals are committed too.

The sources added that the number of dual citizens renouncing their US citizenships to avoid FATCA is next to nothing and that US citizens and residents have showed full compliance to the law to avoid legal accountability in case of evasion.

The sources added that the US Treasury had listed the number of US citizens in the region and pointed out that those wishing to evade taxes have no options. According to unofficial statistics, the total number of Kuwaitis holding US citizenship is 7,000, and only 13 of them have renounced it.

By A. Saleh

This article was published on 06/12/2017