India’s Central Board of Direct Taxes (CBDT) issued an update regarding the US-India FATCA IGA. India and the USA entered into a Model 1 IGA for implementation of FATCA on 31st August, 2015. As part of the IGA implementation, India’s income tax rules included an alternate procedure for due diligence (Rule 114H(8)). If the financial institution determined that the self-certification was unacceptable and the account holder failed to cure the defect by 31 August 2016, then the f

The Cayman Islands, India, Mauritius and the majority of other jurisdictions participating in the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard (CRS)) are taking the “wider approach” to CRS compliance. What is the wider approach and how does it impact your CRS due diligence and reporting? Global Expansion Under FATCA, due diligence and reporting focused on one set of reportable persons: Specified U.S. Persons.

India and the USA entered into a Model 1 IGA for implementation of FATCA on 31st August, 2015. As part of the IGA implementation, India’s income tax rules included an alternate procedure for due diligence (Rule 114H(8)). This rule required financial institutions to obtain self-certifications from account holders who had opened new accounts as of 1 July 2014. The due diligence process also included a requirement that the financial institution determine the reasonableness of t