India, US sign agreement to facilitate tax compliance
Q. With which country has India signed an agreement to improve international tax compliance apart from a multi-lateral agreement to automatically exchange information based on Convention on Mutual Administrative Assistance in Tax Matters?- Published on 02 Aug 15a. Seychelles
b. Mauritius
c. United States
d. Singapore
ANSWER: United States
In regard to this, RBI has asked all banks and financial institutions to be prepared for the implementation of Foreign Account Tax Compliance Act – FATCA. RBI has said that non-compliance of the rules can lead to huge penalties in addition to loss of reputation.
