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indiaamp;#39;s only show in corporate law tax and audit matters our top story this week India and the u.s. signed an intergovernmental agreement to implement FATCA enacted by the u.s. in 2010 the foreign account Tax Compliance Act targets tax non-compliance by us taxpayers with foreign accounts now it requires us taxpayers to report certain foreign financial accounts and offshore assets but more importantly it also requires foreign financial institutions say Indian banks insurance companies mutual funds to report financial accounts held by us taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest non-compliance by foreign financial institutions could result in the US with holding up to thirty percent of certain payments the job signed intergovernmental agreement simplifies the burden on Indian financial institutions by in fact transferring it to the government and the spares them the withholding tax care but now that itamp;#39;s been signed a series
