India Agrees “In Substance” to Model 1 FATCA IGA

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The U.S. Treasury announced that on April 11, 2014, India agreed “in substance” to sign a Model 1 FATCA IGA with the US. The IGA would therefore require Indian financial institutions to report information on U.S. account holders to India’s Central Board of Direct Taxes, which would then share the information with the IRS. There is no word on whether the IGA will be reciprocal or on when the two countries expect to finalize the IGA.

Topics:  FATCA, India, IRS, Reporting Requirements, U.S. Treasury

Published In: Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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