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FATCA & Common Reporting Standards

Published on Wed, Jul 15,2015 | 20:03, Updated at Wed, Jul 15 at 20:03Source : 

Putting an end to a long wait, on 9 July 2015, India and U.S. have finally inked the reciprocal version of Model 1 IGA for FATCA. Under Model 1, the FIs report to appropriate local tax authorities. The local government is responsible for collecting information from resident FIs and report to the U.S. IRS. In exchange, the U.S. will share information of the Reportable Indian accounts (Indian tax residents having accounts with U.S. FIs) with the Indian government.  FATCA compliance would be effective upon India's written notification to the United States, confirming completion of the required internal procedures for compliance. Compliance with OECD's CRS (common reporting standards) becomes mandatory from 1 Jan 2016. This KPMG report analyses the impact on Indian entities.

Attachments : FATCA CRS PoV - v5.pdf

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