On November 15, Saudi Arabia has signed a Model 1 intergovernmental agreement (IGA) with the United States to Improve International Tax Compliance and to Implement FATCA.
Saudi Arabia had previously agreed to FATCA and has been treated as if it had a FATCA agreement in effect as of June 30, 2014.
On the same day, the United States and Saudi Arabia also signed an understanding concerning the securities registered in the Securities Depository Centre within the Saudi Stock Exchange (Tadawul) that are held by or through one or more other financial institutions that are not Nonparticipating Financial Institutions.
Under Model 1 IGA, US Reportable Accounts maintained by the Reporting Kingdom of Saudi Arabia Financial Institution in Saudi Arabia will need to be exchanged with the IRS with respect to 2017. The Parties commit to work with the OECD on adapting the terms of the Agreement and other agreements between the United States and Partner Jurisdictions to a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions.
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