The Saudi Government will sign an agreement with the US Government to improve tax compliance. This is referred to as FATCA. The aim of this agreement is to facilitate Saudi financial institutions in reporting their own financial accounts which may be effected by US taxes. According to terms of the agreement, the role of the General Authority of Zakat & Tax is to receive the data from the financial institutions and relay it to the US Inland Revenue Service (IRS). Financial institutions are responsible for ensuring the data is consistent with the requirements of the FATCA XML Schema.