19/08/2016 – Today, Kuwait joined the 83 current signatories to the CRS Multilateral Competent Authority Agreement ("CRS MCAA"), the key international framework agreement for putting in place the automatic exchange of information on offshore financial accounts foreseen by the OECD Common Reporting Standard (CRS). By doing so, Kuwait is re-confirming its commitment to implement automatic exchange of financial account information in time to commence exchanges in 2018.
His Excellency, Mr. Khalifa Hamada – Undersecretary of Ministry of Finance, signed the CRS MCAA in the presence of the OECD Deputy Secretary-General Rintaro Tamaki.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is monitoring the implementation of tax transparency standards to ensure the effective and timely delivery of the commitments made, the confidentiality of information exchanged and to identify areas where support is needed. It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.