What is FATCA?
The U.S. government introduced the Foreign Account Tax Compliance Act, 2010 (FATCA)
for obtaining information on accounts held by U.S. taxpayers in other countries.
Further, Organization for Economic Co-operation & Development (OECD) and G20 countries
agreed for automatic exchange on information through Common Reporting Standards
(CRS). The Government of India has signed an Inter-Government Agreement (IGA) with
US and has also joined the Multilateral Competent Authority agreement (MCAA) for
automatic sharing of information with member countries of OECD and G20. By virtue
of India signing an IGA with US and joining MCAA, Indian financial institutions
will have to provide the required financial information to Indian tax authorities
which in turn would forward reportable information to US IRS and member countries
of OECD and G20 countries.
In order to implement FATCA and CRS norms in India, ICICI Securities Ltd is required
to implement procedures to identify U.S. account holders or Other jurisdictions
reportable accounts, perform due diligence and obtain documentary evidence wherever
required and report details of such accounts to relevant tax authority. In order
to comply with these FATCA and CRS norms, we request you to kindly provide the following
details.