Q.1124 Will Trump tax plan changes have any effect on FATCA?

Question: Impact of new Trump Tax Plan on FATCA? Answer: The Trump tax plan makes changes such as fewer tax brackets, higher standard deductions and elimination of some personal exemptions previously allowed. However, there is nothing in the tax plan that changes FATCA reporting requirements. While tax rates and deductions are being changed, the Foreign Account Tax Compliance Act (FATCA) rules remain the same.
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Q.1124 Will Trump tax plan

changes have any effect on

FATCA?

Question: Impact of new Trump Tax Plan on FATCA? Answer: The Trump tax plan makes changes such as fewer tax brackets, higher standard deductions and elimination of some personal exemptions previously allowed. However, there is nothing in the tax plan that changes FATCA reporting requirements. While tax rates and deductions are being changed, the Foreign Account Tax Compliance Act (FATCA) rules remain the same.