Transcription of FATCA/CRS FAQs:-
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FATCA/CRS FAQs:- 1. What is FATCA? The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including US persons who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their clients. Government of India (GOI) has signed a Model 1 Inter-Governmental Agreement (IGA) with US on July 9, 2015 which necessitates financial institutions in India to comply with FATCA. 2. What is CRS? CRS is known as Common Reporting Standards. It is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD).
& mention the same accordingly in the declaration. 2 Country of citizenship To be declared as per the passport issuance country. 3 Country of residence for TAX purposes Customer to mention the name of the country where he is liable for income tax. If a person not liable to pay income tax in any country (including ...
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