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https://timesofindia.indiatimes.com/blogs/nritax/the-fatca-hunt-continues/

The FATCA Hunt Continues

2015-02-16 00:00:00, , The Times of India

Content Categorization
/Finance/Accounting & Auditing/Tax Preparation & Planning
/Law & Government/Government

Word Count:
283

Words/Sentence:
35

Reading Time:
2.83 min

Reading Quality:
Advanced

Readability:
16th or higher

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Under the FATCA regime, overseas financial institutions provide details about accounts held by US-connected persons and entities.

It is widely expected that a new US-India FATCA Inter-Governmental Agreement will be formally signed soon.

Unfortunately, the compliance requirements under FATCA have led most Indian mutual fund houses to no longer accept investments from US-connected persons.

US-connected NRIs with unreported Indian accounts should expect tax problems in the future as Indian financial institutions eventually disclose their account information to the US government.

DISCLAIMER : Views expressed above are the author's own.

After meetings, a joint India-US statement was issued stating "We are committed to share our experiences in tackling offshore tax evasion and avoidance.

Last month, President Obama traveled to India where he famously befriended Narendra Modi and others.

There, he heralded a new era of joint cooperation on many fronts, including the exchange of offshore account information.

Keywords
Times View blog, Wealth blog, HSBC blog, City blog, G20 blog, Companies blog, India blog, Economy blog, NRI Tax blog, Narendra Modi blog, Finance blog, Parag Patel blog, Markets blog, World blog, Business blog

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