Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA), is a Tax Compliance law that regulates US taxable accounts outside the United States of America and its territories (US).
Under the terms of this Act, US taxable accounts are the accounts of Specified US Persons with US citizenship, US passport holders and / or residents in the United States, US or non-US legal persons largely owned or controlled by US persons, As well as assets in mutual funds, which are fully or partially US citizens and / or beneficiaries.
Bank Albilad is obligated to enforce the Foreign Accounts Tax Compliance Act, by providing information about clients accounts subject to the law to the US Internal Revenue Service (IRS).

For more information click here

Common Reporting Standard (CRS)

Common Reporting Standard (CRS) is a global standard for the automatic exchange of financial account information. The Organization for Economic Cooperation and Development (OECD) developed CRS and designed it to prevent offshore tax evasion. 
The Kingdom of Saudi Arabia (KSA) has committed to comply with the OECD’s CRS with reporting by KSA Financial Institutions (FIs) that includes banks, asset managers, certain insurance companies and Authorized Persons, to the General Authority for Zakat and Tax (GAZT) expected to commence in 2018. 
All KSA Financial Institutions and KSA branches of foreign financial institutions, including Bank Albilad, are required to be compliant with the CRS and to collect certain additional information from our to determine your tax residency status.

For more information about CRS for individual customers and sole proprietorships click here
For more information about CRS for entities      click here

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