FATCA Full Form- Foreign Account Tax Compliance Act

FATCA Full Form: Foreign Account Tax Compliance Act

FATCA full form- Hello Everyone, In this article we will discuss about FATCA, Full form of FATCA, About FATCA, Use of FATCA, Advantages of FATCA and others.

The full form of FATCA is Foreign Account Tax Compliance Act.

 FATCA full form

It is an Foreign Account Tax Compliance Act that was enacted in 2010 by congress to target non-compliance by U.S taxpayers using foreign accounts or by foreign entities in which U.S taxpayers hold a substantial ownership.

The reason behind  launching FATCA in 2010 is to promote tax compliance and discourage tax evasion. The main aim and objective of FATCA is to prevent tax evasion.

JIO Full Form: What is the Full Name of JIO

FATCA Used For

• FATCA are used for the following purposes which are as follows:
• FATCA is used to locate U.S. citizens (residing in the U.S. or not) and U.S. persons for tax purposes.
• It is used to collect and store information including total asset value and Social Security number. 
• The law is used to detect assets, rather than income. 

TRP Full Form

Advantages Of FATCA

Benefits of FATCA are as follows:

• Helping to avoid 30% withholding tax on all US source payments.
• It also provides 30% withholding tax in future.
• It also helps to avoid unwanted attention from the Internal Revenue Service (IRS) that might infer that the account holder is trying to evade taxes.

You may also like:

• FIR Full Form: What is the full form of FIR 
  
• Full Form of UPI
  
• Full Form of PAN
• LMV NT license Full Form

 

Join ‘Telegram group’

Comment for any Query.