United States:
India Agrees "In Substance" To Model 1 FATCA IGA
30 April 2014
BakerHostetler
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The U.S. Treasury announced that on April 11, 2014, India
agreed "in substance" to sign a Model 1 FATCA IGA with
the US. The IGA would therefore require Indian financial
institutions to report information on U.S. account holders to
India's Central Board of Direct Taxes, which would then share
the information with the IRS. There is no word on whether the
IGA will be reciprocal or on when the two countries expect to
finalize the IGA.
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