FATCA is a United States Federal law that requires foreign financial institutions to report certain information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S taxpayers hold a substantial ownership interest either directly or indirectly to the U.S tax authorities. FATCA is an important development in U.S efforts to improve tax compliance involving foreign financial assets and offshore accounts of U.S citizens. The Government of India and the United States of America (U.S) have signed an Inter. Governmental Agreement to implement FATCA on July 09, 2015. Additional information on FATCA is available at: http://www.irs.gov/FATCA .
Similar to FATCA, Organisation for Economic Co-operation and Development (OECD) has released a “Standard for Automatic Exchange of Financial Account Information in Tax Matters”, commonly known as Common Reporting Standard (CRS). CRS mandates multilateral and automatic tax information exchange. Under the standard, jurisdictions would obtain financial information from their financial institutions and automatically exchange that information with other jurisdictions on an annual bases. India has signed a multilateral agreement on June 03, 2015 that has paved the way for effective exchange of financial account information on an automatic bases among signatory counties. Information on CRS is available at: https://www.oecd.org/tax/automatic-exchange/common-reporting-standard.
Pursuant to the new reporting regime under FATCA and CRS, the Bank is required to collect and disclose information to the Indian tax authorities for the purpose of onward transmission to the concerned authorities in case identified as a reportable account. The information disclosed may include (inter alia, but not limited to) the identity of the investors, their tax residency and their direct or indirect beneficiaries, beneficial owner and controlling persons. We urge all our customers to update their FATCA/CRS details by submitting self-certification at the earliest.
FATCA-CRS Self Certification Form individuals – Existing Accounts Click to view
FATCA-CRS Self Certification Form Individual - New Accounts Click to view