India and the United States plan to improve quality of exchanged FATCA information

On 1 November 2019, the U.S. Department of the Treasury issued the Joint Statement on the India – U.S. Economic and Financial Partnership which follows a meeting of Indian Finance Minister Nirmala Sitharaman and U.S. Secretary of the Treasury Steven Mnuchin (Link). India and the U.S. are committed to greater economic cooperation on global economic issues, both bilaterally and multilaterally. To enhance the fight against offshore tax evasion both sides will work together to further improve the quality and usability of Foreign Account Tax Compliance Act (“FATCA”) data for mutual benefit.

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