Al-Jarida, 28 September 2024: The Finance Ministry has issued executive regulations for the decree-law on the exchange of information for tax purposes, in accordance with Kuwait Decree No. 75/2024 and Kuwait Decree-Law No. 6/2024.

The regulations outline the procedures and requirements for implementing agreements on the exchange of tax information between Kuwait and other countries.

Such as the agreement with the United States to implement the Foreign Account Tax Compliance Act (FATCA), the Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.

The competent authority is empowered to determine reporting requirements, request additional information from financial institutions, and ensure compliance with the agreed standards for exchanging tax-related data.

This legal measure aims to improve transparency and facilitate the exchange of relevant financial information for tax purposes between Kuwait and its partner nations.

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