{"id":7242,"date":"2015-07-15T12:07:00","date_gmt":"2015-07-15T12:07:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=7242"},"modified":"2015-11-03T11:13:19","modified_gmt":"2015-11-03T05:43:19","slug":"agreement-signed-between-india-and-us-to-implement-the-foreign-account-tax-compliance-act-fatca","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2015\/07\/15\/agreement-signed-between-india-and-us-to-implement-the-foreign-account-tax-compliance-act-fatca\/","title":{"rendered":"Agreement signed between India and US to implement the Foreign Account Tax Compliance Act (FATCA)"},"content":{"rendered":"<p style=\"text-align: justify;\"><span lang=\"EN-US\">On 09.07.2015, India and United States signed an Inter-Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The objective of the agreement is to promote transparency between the two nations on tax matters and improve international tax compliance. The agreement is an important step for the Government of India to tackle offshore tax evasion and fight the menace of black money by enabling the Indian tax authorities to receive financial account information of Indians from foreign countries on an automatic basis. The exchange of information on automatic basis, regarding offshore accounts under FATCA would deter tax offenders, would enhance tax transparency and eventually bring in higher equity in to the direct tax regime for a healthy economy.<\/span><\/p>\n<p><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p align=\"right\"><b><span lang=\"EN-US\">-Ministry of Finance<\/span><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 09.07.2015, India and United States signed an Inter-Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The objective <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7242","post","type-post","status-publish","format-standard","hentry","category-treaties_conventions_internationalagreements"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Agreement signed between India and US to implement the Foreign Account Tax Compliance Act (FATCA) | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2015\/07\/15\/agreement-signed-between-india-and-us-to-implement-the-foreign-account-tax-compliance-act-fatca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agreement signed between India and US to implement the Foreign Account Tax Compliance Act (FATCA)\" \/>\n<meta property=\"og:description\" content=\"On 09.07.2015, India and United States signed an Inter-Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). 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