This page contains some general information about FATCA and related Forms to be completed by customers as part of the Bank’s account opening procedures.
FATCA stands for the Foreign Account Tax Compliance Act. FATCA is U.S. legislation first published in 2010 and first implemented in early 2013 to counter tax evasion in the U.S. FATCA was introduced by the United States Department of Treasury and the U.S. Internal Revenue Service (IRS). FATCA’s purpose is to promote better tax compliance by preventing U.S. Persons from using banks and other financial institutions to avoid U.S. taxation on their worldwide income and assets.
Sohar International’s GIIN: Sohar International has registered itself as a “Participating Foreign Financial Institution” (PFFI) and successfully obtained a Global Intermediary Identification Number (GIIN) – MUSTKC.99999.SL.512
Impact of FATCA: The impact for banks and other financial institutions and their customers is that financial institutions are required to report, on an annual basis, information on financial accounts held directly or indirectly by U.S. Persons. FATCA impacts all customers of Sohar International, not just U.S. Persons, as the Bank needs actively to identify each of its customers by type and whether or not they are a U.S. Person.
Sohar International’s FATCA Customer Forms: To assist Sohar International in discharging its regulatory responsibilities, we politely request our customers to complete the necessary additional Customer Forms as part of our normal account opening procedures as may be required and available at our branches.
Sohar International’s Withholding Certificate: Sohar International has duly completed and signed a Withholding Certificate in the form of IRS Form W-8BEN-E.
Tax Advice Important Note: Sohar International is not regulated to offer tax advice. For any tax related questions, you are advised please to contact your professional tax adviser or refer to the IRS website.
All U.S. Department of Treasury IRS Forms relating to FATCA and supporting user instructions that may be applicable to you can be downloaded on the IRS website. In particular, but without limitation, you can download the following forms which you may be required to complete in addition to the FATCA Customer Forms.
A number of jurisdictions worldwide are currently providing for new requirements that require collection of information and reporting to the financial institutions in accordance with the standards set by the Global Forum for Transparency and Exchange of Information for Tax Purposes to assist in protecting tax systems. The standards are known as Common Reporting Standards (CRS).
As part of the Sultanate endeavors for accession to the Multilateral Competent Authority Agreement for Automatic Exchange of information in Tax Matters in accordance with the above mentioned standards we are required to obtain the particulars of our new clients and identify their tax residency prior to opening new account by filling the tax declaration form in accordance with the attached guidance forms: