Saudi Arabia: Annual audit certification for FATCA and CRS reporting due 1 August 2023
All reporting financial institutions are required to carry out an annual audit for FATCA and common reporting standard (CRS) reporting
FATCA and CRS reporting
The Zakat, Tax and Customs Authority (ZATCA) updated the automatic exchange of information (AEOI) regulations in Saudi Arabia to provide that all reporting financial institutions are required to carry out an annual audit for FATCA and common reporting standard (CRS) reporting and subsequently submit a certificate of compliance to ZATCA.
The audit review process will include:
- Financial institution entity classification
- Review of and adherence to the financial institution’s policies and procedures manual
- Sample testing of account holder due diligence and reporting
While the tax year FATCA and CRS reporting in Saudi Arabia is due 31 May 2023, the audit certification will be due 1 August 2023 for the same tax period.
Read a May 2023 report [PDF 221 KB] prepared by KPMG LLP
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.