The UAE and US have signed an agreement to share information on any UAE-based finances of US citizens, under the US’s Foreign Account Tax Compliance Act (FATCA), the UAE Ministry of Finance said. FATCA was introduced by the US Congress in 2010 to target non-compliance by US taxpayers using foreign accounts. It requires foreign financial…
Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury Department a Financial Crimes Enforcement Network (“FinCEN”) Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”), if the aggregate value of such foreign financial account(s) exceeded…
RIYADH: The introduction of Foreign Accounts Tax Compliance Act (FATCA) in the Kingdom will have an impact on more than 200,000 US citizens living in Saudi Arabia. “The act will come into force when a government-to-government agreement is signed shortly between the Kingdom and the United States,” Rupert Agius-Pease, head of tax and legal services…
