Answer-What is FATCA certification?

Q: Answer-What is FATCA certification?

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.

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Question

What is FATCA certification?

A Certification for compliance of Forest and Environment Correct Incorrect

B Certification to be obtained from the Auditor by all Scheduled commercial banks as mandated by RBI Correct Incorrect

C Certification by FIPB for allowing foreign remittance Correct Incorrect

D A self-certification required to encourage better tax compliance Correct Incorrect

E None of the above Correct Incorrect

Detailed 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).

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What is FATCA certification?

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