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India and U.S. Sign FATCA Agreement to Combat Offshore Tax Evasion

On July 9th, India signed an agreement with the United States to implement the Foreign Account Tax Compliance Act (FATCA), making India the 66th jurisdiction to do so.  The agreement will facilitate the collection and sharing of information between the two countries and shield Indian financial entities from facing penal taxes in the United States for failing to disclose the dealings of American citizens and entities. This is a big step for the Indian government in their efforts to combat offshore tax evasion.

Click here to view the entire agreement.