FATCA extends deadline of compliance reports to end of November
The US Foreign Account Tax Compliance Act (FATCA) has agreed to the Ministry of Finance's request to extend the deadline for financial institutions to issue their FATCA compliance reports to November 30.
In a press statement on Wednesday, the ministry's Undersecretary Khalifa Hamada said that the deadline extension would give financial bodies the time needed to assemble the data required.
He also noted that all financial institutions are required to register on FATCA's website before sending their details to the ministry. The law, enacted in February, aims to ensure transparency and applies to anyone incurring back taxes in the amount of USD 50,000 per person or USD 250,000 per company.
Moreover, all US citizens and permanent residents are subject to the law, an effort to curb tax evasion and ensure stiff penalties on all tax dodgers.