{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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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To enhance the effectiveness of information exchange and transparency, both the sides committed to establish, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFIs) to obtain the Tax Identity Number (TIN) of each reportable person\u2026","rel":"","context":"In &quot;Business Law&quot;","block_context":{"text":"Business Law","link":"https:\/\/www.scconline.com\/blog\/post\/category\/Business_Law\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7218,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/06\/11\/agreement-signed-for-automatic-exchange-of-financial-account-information\/","url_meta":{"origin":7242,"position":1},"title":"Agreement signed for Automatic Exchange of Financial Account Information","author":"Sucheta","date":"June 11, 2015","format":false,"excerpt":"On 03.06.2015, India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information in a signing ceremony held in Paris. The objective of the agreement is to exchange information on an automatic basis as per the new global standards on automatic exchange of information, known as Common\u2026","rel":"","context":"In &quot;Treaties\/Conventions\/International Agreements&quot;","block_context":{"text":"Treaties\/Conventions\/International Agreements","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/treaties_conventions_internationalagreements\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":211110,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/28\/india-and-brunei-sign-agreement-for-exchange-of-information-and-assistance-in-collection-with-respect-to-taxes-tiea\/","url_meta":{"origin":7242,"position":2},"title":"India and Brunei sign Agreement for Exchange of Information and Assistance in Collection with respect to Taxes (TIEA)","author":"Bhumika Indulia","date":"February 28, 2019","format":false,"excerpt":"The Government of Republic of India and the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) here today in New Delhi. The Agreement was signed by Mr. Pramod Chandra\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":194012,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/16\/cabinet-approves-agreement-for-avoidance-of-double-taxation-and-prevention-of-fiscal-evasion-between-india-and-iran\/","url_meta":{"origin":7242,"position":3},"title":"Cabinet approves Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion between India and Iran","author":"Saba","date":"March 16, 2018","format":false,"excerpt":"The Union Cabinet has approved an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Iran. The Agreement will stimulate flow of investment, technology and personnel from India to Iran & vice versa, and will prevent double\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/Double-taxation.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/Double-taxation.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/Double-taxation.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/Double-taxation.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/Double-taxation.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":168484,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/13\/cabinet-approves-agreement-india-hong-kong-special-administrative-region-china-avoidance-double-taxation-prevention-fiscal-evasion-respect-taxes-income\/","url_meta":{"origin":7242,"position":4},"title":"Cabinet approves Agreement between India and Hong Kong Special Administrative Region of China for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income","author":"Saba","date":"November 13, 2017","format":false,"excerpt":"The Union Cabinet has given its approval forentering into an Agreement between India and the Hong Kong Special Administrative Region (HKSAR) of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income. The Agreement will stimulate flow of investment, technology and\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196069,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/17\/cabinet-approves-signing-and-ratification-of-agreement-between-india-and-brunei-darussalam-with-respect-to-taxes\/","url_meta":{"origin":7242,"position":5},"title":"Cabinet approves signing and ratification of Agreement between India and Brunei Darussalam with respect to Taxes","author":"Saba","date":"May 17, 2018","format":false,"excerpt":"The Union Cabinet has has approved the signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes. 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