Title: Circular No. (08) of 2023 to All Persons Licensed by the Capital Markets Authority Regarding Compliance with the Reporting Requirements According to FATCA and CRS Agreements

With reference to the subject above and to FATCA agreement signed on April 29, 2015 and the Common Reporting Standard (CRS) agreement signed on August 19, 2016 according to which the financial institutions in the State of Kuwait are obliged to cooperate internationally to exchange information for tax purposes. Accordingly, the Capital Markets Authority (CMA) draws the attention of all licensed persons that are subject to its supervision and the scope of application of FATCA and CRS to update the necessary forms and comply with the following:

First: The Ministry of Finance receives CRS reports of 2022 no later than June 25, 2023 through the electronic portal of the Ministry of Finance: http://www.mof.gov.kw/FATCA.aspx. Kindly follow the updates of list of the participating countries through the website of the Ministry of Finance.

Second: The Ministry of Finance receives reports on FATCA of 2022 no later than August 31, 2023 through the electronic portal of the Ministry of Finance: http://www.mof.gov.kw/FATCA.aspx based on the notification issued by the American Internal Revenue Service (IRS) on Version No. 2.0 Concerning the Requirements of FATCA XML Schema.

Third: It is important to comply with the instructions of the tax financial institutions number (TIN) regarding uploading FATCA and CRS reports on the electronic portal of the Ministry of Finance, in addition to filling up the date of birth and the Summary file.

Fourth: Financial institutions registered on the IRS website must submit their annual reports even if they do not have US accounts (null report).

Fifth: Financial institutions that have late reports of previous years must submit the reports separately for each year.

Sixth: Financial institutions wishing to cancel reports previously submitted in previous years due to some errors can do so by contacting the IRS directly through the IRS website:
https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca

For any inquiries, kindly contact the Ministry of Finance, Abdul-Aziz Al-Babtain – 22482806/99955720 - Email: fatca-inquiry@mof.gov.kw

Prof. Ahmad AlMelhem
Issued on: 21/06/2023.

Copy of the Official Document