The Foreign Account Tax Compliance Act (FATCA).

Date: July 12, 2015

U.S. India

The U.S. government enacted FATCA in 2010 to obtain information on accounts held by US taxpayers in other countries. Under FATCA, foreign financial institutions in the U.S. will have to provide information about Indian account holders to the U.S. government’s Internal Revenue Service (IRS), which will forward the information to the Indian government. The Indian government will provide similar information to the IRS.
Financial institutions such as banks, brokerages or mutual funds that do not comply with this agreement will face a 30% withholding tax on all payments from the U.S.


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