Question

What is FATCA certification?

A Certification for compliance of Forest and Environment Correct Answer Incorrect Answer
B Certification to be obtained from the Auditor by all Scheduled commercial banks as mandated by RBI Correct Answer Incorrect Answer
C Certification by FIPB for allowing foreign remittance Correct Answer Incorrect Answer
D A self-certification required to encourage better tax compliance Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the requirement for United States persons including those living outside the U.S. India has signed an agreement called the Inter-Governmental Agreement (IGA) with the US last year for automated exchange of information between the two countries. This initiative is for improving the International Tax Compliance and implementing the Foreign Account Tax Compliance Act (FATCA).

Practice Next

Relevant for Exams:

×
×