Kuwait has sought to join the list of states signing the FATCA agreement out of its commitment to fight international tax evasion and to exchange tax data with other nations, said Khalifa Hamada, Undersecretary of the Ministry of Finance on Wednesday.
Hamada was speaking to reporters on the sideline of having signed the FATCA agreement, noting that according to the agreement Kuwait was obligated to instruct its financial institutions (banks, investment firms, financial houses, insurance companies) to report to the US Internal Revenue Service (IRS) contents of money accounts held by American citizens in Kuwait for purposes of US tax compliance.