What is FATCA?
Foreign Account Tax Compliance Act (FATCA) is a United States legislation that primarily aims to prevent tax evasion by US taxpayers by using non-US financial institutions and offshore investment. The Indian Intergovernmental Agreement (IGA) with the USA for implementation of FATCA enables automatic exchange of information between the countries. As per this, new and existing Indian investors need to file the FATCA certification to comply with the norms.
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