India: Clarification of FAQs for U.S. reportable accounts under FATCA

Clarifying the applicability of FAQs for U.S. reportable accounts under FATCA

Clarifying the applicability of FAQs for U.S. reportable accounts under FATCA

India’s tax authority issued a circular clarifying the applicability of “frequently asked questions” (FAQs) 6 and 3, issued by the U.S. tax agency (IRS) regarding U.S. reportable accounts under the FATCA Intergovernmental Agreement (IGA) between the United States and other Model 1 jurisdictions.

Both of the FAQs deal with situations when a U.S. tax identification number (TIN) was not provided for U.S. reportable accounts by the reporting financial institution.

Read a February 2022 report [PDF 138 KB] prepared by the KPMG member firm in India

 

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