Pursuant to the Ministerial Resolution No. 46 of 2017 guidelines concerning the implementation of International Agreements on Tax Information Exchange.
Financial institutions seek CRS Services in order to meet requirements of international agreements pertaining to exchange of information for tax purposes that are in effect in the State of Kuwait. Multilateral Competent Authority Agreement (MCAA), which was signed by the State of Kuwait and the Organization for Economic Development and Cooperation (OECD) to Improve International Tax Compliance and to Implement Common Standard for Reporting (CRS).
Allinial – Kuwait provides financial institutions in the State of Kuwait with FATCA services concerning the following FATCA mandates:
CRS Assurance Services
- Attestation of CRS FFI Classification.
- Procedures for CRS Reports Verification.
- Annual or on-demand CRS Compliance Certification is given to financial institutions, attesting to their level of compliance with CRS regulations and the integrity of their established processes and procedures.
- CRS Consultancy Services
- Creating CRS Procedures, Policies, and Process.
- Solving problems pertaining to CRS reporting.
