FATCA & CRS
Amwal Investments Company K.S.C.P and its Group in line with all major banking institutions worldwide,
comply with the terms and conditions of the Foreign Account Tax Compliance Act
“FATCA” regarding tax evasion ; which was enacted in March 2010 as part of the
Hiring Incentive to Restore Employment Act (HIRE Act 2010).
FATCA generally requires that foreign financial Institutions and certain other
non-financial foreign entities report on the foreign assets held by their U.S.
account holders or be subject to withholding on withholdable payments.
The HIRE Act also contained legislation requiring U.S. persons to report,
depending on the value, their foreign financial accounts and foreign assets.
Automatic Exchange of financial accounts held by US persons is exchanged based on the
Agreement between the Government of the Kingdom of Qatar and the Government of the
United States of America for the Improvement of International Tax Compliance and the
Implementation of the Foreign Accounts Tax Compliance Act (FATCA).
Amwal Investments operating under the Qatar legislations complies with the model 1
intergovernmental agreement.
Company |
GIIN |
Amwal Investments |
61LRQU.00008.ME.682 |
Amwal Investments
(Sponsoring entity on behalf of
its funds)
|
ZPQLDY.00000.SP.682 |
Amwal Investments Company K.S.C.P began applying FATCA regulation during 2014 and adopted a list of
indicators to identify US taxpayer clients such as US citizenship, US residency,
US green card, US place of birth, US address, US transfers,
and US telephone numbers. For that purpose, Amwal Investments L.L.C is
applying an enhanced due diligence on all accounts and updating the
client’s information and forms.
Based on FATCA provisions, Amwal Investments L.L.C has the obligation to regularly
report the US accounts whether individual or entities to the Qatar GAZT.
In addition, Amwal Investments L.L.C will classify the client as “Recalcitrant Account
Holder”, as defined by FATCA, and therefore withhold to the benefit of the
US tax authorities as a percentage rate out of the client proceed or close
the client account when one of the following occurs:
-
Refusal or non-cooperation of the concerned client in providing the
requested information and documents within the specified period of time;
-
Existence of a contradiction or inconsistency in the information and documents provided
by the concerned client;
Amwal Investments Company K.S.C.P has summarized here above its understanding of some of FATCA’s
provisions and the measures that it is obliged to take in this regard.
However, as Amwal Investments L.L.C’s employees are not experts in US taxation,
Amwal Investments Company K.S.C.P kindly advises the concerned clients to refer to the US
Internal Revenue Service and/or the experts and specialists that they deem
appropriate and to act according to their advice and guidance.
Therefore Amwal Investments L.L.C cannot be held liable towards anyone with respect to
the understanding summarized above and to the measures that it might be co
mpelled to take in implementation thereof.
The present notice should be considered as an integrated part of any agreement governing the
relationship between the bank and its customers.
CRS (Common Reporting Standards)
Amwal Investments Company K.S.C.P Compliance with CRS
Amwal Investments Company K.S.C.P and its Group Comply with Standard for Automatic Exchange of
Financial Information for Tax Matter or Common reporting standards “CRS”
The CRS has been designed by the OECD and G20 countries as a single, global
standard to promote tax transparency and effectively tackle cross-border
tax evasion. Law # 55 “Automatic exchange of information” been enacted on
27/10/2016 and the OECD Standard for Automatic exchange of information in
tax matters, also known as the Common Reporting Standards or CRS.
Over 100 jurisdictions have currently committed to the CRS. The CRS imposes an
obligation on all financial institutions, such as Amwal Investments L.L.C,
to report information on accounts held by foreign account holders
to the Qatar GAZT on an annual basis.
This information will then be automatically exchanged with the tax authorities
of the country where the account holder is tax resident,
if both respective countries have mutually agreed to exchange information.
The new requirement will concern Amwal Investments L.L.C’s customer if he/she/it is a tax
resident in a reportable country with which the country where he/she/it has an
account has agreed to automatically exchange tax information.
In this regard upon account opening or account renewal, Amwal Investments L.L.C will be requesting customers
to complete the self-certification form in order to collect the required information as to be
able to identify the reportable accounts for the purpose of exchange of information for tax
purposes with the participating jurisdictions. Moreover, the requested self-certification must
be valid, signed and dated and supported with documentary evidence on case by case
basis.
The
yearly reporting will cover client information such as name, address, tax residence, tax
identification number, account number, as well as financial information.
However, as
Amwal Investments Company K.S.C.P’s employees are not experts in taxation, Amwal Investments L.L.C kindly advise its customers to
refer to their financial advisor, tax or legal counsel, an expert or specialists that he/she/it
deem appropriate and to act according to their advice and guidance. Therefore Amwal Investments L.L.C cannot
be held liable towards anyone with respect to the understanding summarized above and to the
measures that we might be compelled to take in implementation thereof.
The present notice should
be considered as an integrated part of any agreement governing the relationship between
Amwal Investments Company K.S.C.P and its customers.
Amwal Investments Company K.S.C.P related documents: