By: Ahmad Awad

Kuwait-Mubasher: Kuwait signed the agreement of Foreign Account Tax Compliance Act (FATCA) on Wednesday.

The agreement states that Kuwait has to report all bank accounts related to the American residents in Kuwait to the Department of Treasury.

Based on FATCA, Kuwaiti financial corporations have to inform the Internal Revenue Service (US IRS) about all data existed in the accounts of Kuwait-based American individuals and companies that own $50,000 and $250,000 or more respectively.