Foreign Account Tax Compliance Act (FATCA)
Foreign Account Tax Compliance Act (FATCA) is a law enacted by the US Congress in 2010. It was introduced to deter US evasion of taxes by US citizens by hiding money in foreign countries. The Indian Inter-Governmental Agreement (IGA) with the USA for implementation of FATCA came into effect from August 31, 2015. FATCA enables the automatic exchange of information between the countries who are signatories.
As per this new and existing Indian investors need to file the FATCA/CRS certification to comply with the norms. You need to submit a few details such as your city of birth, country of birth, and the country of tax residency.
How to fill Foreign Account Tax Compliance Act declaration in Samco Star Back Office?
To complete your one-time FATCA declaration follow the steps given below.
Step 1: Log in to Samco Star Backoffice using your BackOffice login credentials. If you are logging in for the first time your password will be your PAN in caps.
Step 2: Go to the My Profile option available in the drop-down list on the top right.
Step 3: Scroll down to the FATCA declaration section and select the appropriate option. If you are an Indian citizen and born in India then select No for all the 3 options.
Step 4: Select the country of tax residency as India and click on save to submit.
*We recommend reading the declaration and Term and Conditions thoroughly before submitting
In case you face any difficulty feel free to contact us on 022-22227777 or raise a ticket by clicking here.