India and US join hands to enhance effectiveness of information exchange and transparency

Posted on:16 Jan 2018 14:51:36
India and US join hands to enhance effectiveness of information exchange and transparency
16 January 2018 Current Affairs: To enhance the effectiveness of information exchange and transparency, India and United States of America (USA) signed the Inter-Governmental Agreement (IGA) under FATCA in 2015.

The Notably, the two countries are committed to establishing, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFID) to obtain the Tax Identity Number (TIN) of each reportable person having a reportable account as of June 30, 2014 (pre-existing account).

The Income-tax Rules, accordingly, provide for reporting of U.S. TIN from the year 2017 onwards in respect of any pre-existing account.

The US-IRS has issued guidelines through Notice 2017-46 dated 25.09.2017 providing relaxation to Foreign Financial Institutions (FFIs) with respect to reporting of U.S.TIN for calendar years 2017, 2018 and 2019.

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