The US Foreign Account Tax Compliance Act (FATCA) will affect almost all financial institutions and other entities in Bahrain with exposure to US taxpayers and transactions, according to KPMG.
FATCA legislation and its impact on the entities in Bahrain was discussed in a breakfast seminar hosted by global audit, tax and advisory firm KPMG.
More than 55 delegates from 30 organisations in Bahrain attended the conference yesterday at the Intercontinental Regency Bahrain.
The seminar was opened by KPMG managing partner Jamal Fakhro and included a briefing from KPMG Middle East and South Asia head of international tax Eugen Straub and director, forensic services, KPMG in the UAE Nicholas Cameron.
"The specific requirements for FATCA compliance remain largely unknown and, hence, we acknowledge that businesses require more knowledge from international experts and we hope to address the implications of the FATCA regulation through our seminar," Mr Fakhro said.
The goal of FATCA is to identify offshore account holders and penalise foreign financial institutions and entities that refuse to disclose the identities of certain US persons.>>>
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