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.
Introduction to FATCA: 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.
Bank Sohar’s GIIN: Bank Sohar 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 Bank Sohar, 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.
Bank Sohar’s FATCA Customer Forms: To assist Bank Sohar 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.
Bank Sohar’s Withholding Certificate: Bank Sohar has duly completed and signed a Withholding Certificate in the form of IRS Form W-8BEN-E.
Tax Advice Important Note: Bank Sohar 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
IRS Forms Available for Download
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.
For Non-U.S. Person Individuals
For Non-U.S. Person Entities
For U.S. Persons