India and the US have agreed to implement Foreign Accounts Tax Compliance Act (FATCA), a US law that targets tax non-compliance by US taxpayers with foreign accounts. The Inter-Governmental Agreement (IGA) on FATCA, which came into effect on April 11, will be signed only after Cabinet approval. Indian Financial Institutions would have time up to December 31, 2014, to register with US authorities and obtain a Global Intermediary Identification Number (GIIN), the RBI said in a notification.
Posted on: Sun, 29 Jun 2014 18:16:32 +0000
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