The Foreign Account Tax Compliance Act (FATCA)
GAZT continue its important role in the international fight against tax evasion, where the Kingdom of Saudi Arabia Government will sign with the United States Government agreement to improve tax compliance. This is referred to as FATCA. The aim of this agreements is to facilitate the task of the Saudi financial institutions to report their own financial accounts motivated by US taxes
According to terms of the agreement, the role of the General authority of Zakat & Tax is receiving the data from the financial institutions then passing them to US IRS.The direct responsibility of financial institutions to insure the data consistent with the requirements of the FATCA XML Schema
For more information, please contact the Operations and International Affairs General authority of Zakat & Tax.