FATCA

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.

Sohar International’s GIIN

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

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 Form

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’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

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.

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