Since the Foreign Account Tax Compliance Act (FATCA) came out in 2010, US Government has already signed Bilateral Agreements with 9 countries until June 2013. The November 8, 2012 Press Release mentioned that the US is engaged with more than 50 countries (including India) to implement FATCA. After analyzing all 9 […]
FATCA Basics: The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore (out of USA) accounts. Under FATCA, 1. U.S. taxpayers holding financial assets outside the United States must report those assets to […]