ET in the classroom: No hiding from the US taxman

If you are a mutual fund investor, you would be flooded with mails asking for additional information about yourself and your tax residency status called as FATCA declaration. ET looks at what this is

1. What is FATCA compliance?

FATCA stands for the Foreign Account Tax Compliance Act, a US tax initiative that requires all financial institutions (including Indian mutual funds) to report financial transactions of US persons including entities in which US persons hold a substantial ownership etc to the relevant tax authorities. It is introduced by the US Department of Treasury and the US Internal Revenue Service ( IRS).
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