India expected to sign IGA before 31 December

The reputable site LiveMint.com reports that India is expected to sign an IGA with the U.S. before the end of this year.

“New Delhi: India should be able to sign the Foreign Account Tax Compliance Act (Fatca) with the US by 31 December, said a senior government official. The move will be a major reprieve for Indian financial institutions dealing with US taxpayers and end weeks of uncertainty.”

At the end of the article the following quote can be found:

Sunil Jain, a partner at law firm J Sagar Associates, said the signing of the agreement between both the countries will be a critical milestone. “India may also need to consider a similar programme of its own soon so that it can collect information about its taxpayers from other countries,” he said.

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