Training Program : Foreign Account Tax Compliance Act (FATCA)

KUWAIT CITY - May 21, 2014 - PRLog -- The Term (FATCA) still not recognized for many of financial organizations, some others believe that all financial organizations subject to this Law, others think that this Law applicable for Banking Organizations only, and the fact is this law will be applied to some financial organizations, but not all, including banks, although there are exceptions for certain types of banks, according to details of the law.
The common thought about the Law is just applied to all U.S. citizens living in United States only is absolutely wrong, because it will be applied to citizens and foreigners weather they are residences of U.S or outside.

Many believed that a U.S. citizen can be recognized easily through nationality information only, but this is not enough for the U.S. FATCA law.
These examples mentioned above represent only a small part of the regulations related to individual identification that subject to U.S. taxes, and these rules are not mentioned on U.S. law FATCA only, but also been mentioned within the old American tax law
More Difficult than previous, and after knowing these rules –according to FATCA law- any non-American financial organization subjected to the law, is obligated to ensure of each client paying his taxes or not, the organization should develop a written and certified procedures to prove how they will recognize that this client is subjected to U.S. taxes or not.
For example, to understand how hard is this process, if the concerned financial organization has a client his birthplace was at any non-American city, what will be the procedure that will be implemented to find out that his father or his mother or grandfather or grandmother is not a U.S. citizen by birth or adoption? If only one parent is a U.S. citizen, there are other conditions. Assuming that only the client’s mother is not a U.S. citizen; the organization has to find out whether the mother been married to an American father during the client's date of birth or the father was just a friend to her only? If there is more than one friend in this period, does the mother know who the father? Whether he holds U.S. citizenship in the client's date of birth or after? What is the period which the parent spent in America before the customer's date of birth?

The American FATCA Law will be implemented in all countries of the world starting from July the 1st, 2014, and contrary to some believe, that the law is just aware about calculating and collecting the U.S taxes only. It is totally contrasting, as the Law specializes mainly in two basic rules, and in some cases, become three rules. First basic rule is to identify each trader (not just a client) directly or indirectly (whether "control" albeit along with others or "owns" albeit along with others) whether he is subjected to the American taxes or not, and the second basic rule is reporting these dealers (not just the clients) with some specific data, according to specific rules within specific ways using searching tools within specific dates to the Internal Revenue Service (IRS). The third rule, that there are some financial organizations subject to the law (but not all) will apply sanctions on violators such as deduct fines in favor of the IRS.

There are three important and urgent actions must be finalized by the concerned Regulatory Authorities or Concerned Financial Organizations in each country before the date of the Law implementation in July, which will be covered in detail in these training courses. Also, Software developed by a global company specializing in addressing the details of this law will be introduced to participants.

Who prepare these courses:
Performance Inc. Kuwait Private Training Institute, in collaboration with his strategic ally, Egyptian Banking Institute present training courses for this subject in two types:

First Program:
One Comprehensive Training Day concerning the Regulatory Authorities Officials, as well as Board of directors, Chairman and members, General Managers, their deputies and assistants, Executive Management and Committees Members at organizations subjected to the FATCA Law.

Second Program:
Three Consecutive Training Days Concerning all regulatory authorities employees as well as financial organizations subjected to the FATCA Law.

Financial Organization subjected to this Law is any company works in fields related to savings activities, investment, funding, or insurance such as banks, insurance companies and brokerage firms, companies manage financial securities or portfolios, funds, etc…

Instructor:
One of the most famous Banking expert, Compliance Accredited Officers Group Member (International Union of Arab Bankers), Compliance Officers Committee Member at Federation Union of Egyptian Banks, Member of Egyptian Authority concerned of applying the Law to comply with U.S. Tax, the first instructor provides U.S. tax law compliance in Arabic at many of Arab countries in the Gulf and North Africa since 2011.

The Certification:
Subscriber shall receive a certificate signed by Governor of Egyptian Central Bank, issued by the Egyptian Banking Institute and Performance Inc. Kuwait Private Training Institute.

The used language:
Arabic, with an explanation for English terms in Arabic.

Dates:
Programs will be conducted in coordination with the concerned department.

Program Fees:
Will be determined after discussion with concerned department based on participants number and conducting location.

Outline Agenda (3 days training)

@U.S. taxes Basic Concepts.

@FATCA Law objectives.

@Foreign financial institutions.

@Who is subjected toU.S.TAXES?

@Indicatorsof Americans people.

@Statements, information and documents required.

@Methods to acknowledge data and international conventions.

@Financial Institutions and Regulatory Authorities obligations.

@Abstentions and non-participants and deductions.

@Some legal, technology and banking details.

@IRSregistration ways. (Showing a real examplefor allelectronic registration stages  and explanationon all commandsin Arabic language)

@A guiding form to identifyclients.

@Milestonesof theLaw implementation.

@Key proposed actions to implement the law.

Outline agenda (one day training)

@U.S. taxes Basic Concepts.

@FATCA Law objectives.

@Foreign financial institutions.

@Who is subjected toU.S.TAXES?

@Indicatorsof Americans people.

@Statements, information and documents required.

@Methods to acknowledge data and international conventions.

@Financial Institutions and Regulatory Authorities obligations.

@Abstentions and non-participants and deductions.

@Milestonesof theLaw implementation.

@Key proposed actions to implement the law.