Focus on tax compliance act in GCC
Kuwait, June 18, 2013
Asar - Al Ruwayeh & Partners, a leading corporate law firm in Kuwait, hosted a seminar to discuss the implications of the Foreign Account Tax Compliance Act (Fatca) in the country.
The event was held at the JW Marriott Hotel and was attended by representatives of various leading banks, investment companies and other corporates in Kuwait and the GCC region.
Leading Fatca practitioners from Washington DC and London shared insights on the technical aspects of the act, practical implications and potential solutions based on their experience around the world.
The seminar specifically focused on the issues faced by GCC-based financial institutions, affected corporates, high net worth families and individuals.
Sam Habbas, a senior partner, said: “Fatca arrives at a time when financial institutions already face a number of regulatory compliance challenges, testing many organisations’ capability and capacity to manage change. The act's requirements introduce a series of business and systems requirements that appear simple in concept, but may be difficult and costly to operationalise."
Asar operates from its offices in Kuwait and Bahrain and provides clients with comprehensive legal advice and support for their business activities in the countries, across the GCC, and beyond, he said. - TradeArabia News Service