AMCs appoint KPMG to meet US Fatca norms

India Infoline News Service | Mumbai |

Fatca is expected to be implemented in India by the end of the year

Asset management companies (AMCs) have hired global consultant KPMG to help them meet the complex requirements under the Foreign Account Tax Compliance Act (Fatca), a new anti-tax avoidance law in the US, according to a media report.
Fatca, which is expected to be implemented in India by the end of the year, aims to track investments made by US citizens outside the US and bring it under the US tax-net, the report added.
Financial institutions such as mutual funds receiving money from US investors will have to make extensive disclosures about the investors and the investments made to the US tax authorities.


 

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