NRI Compliances & Disclosures

The US government introduced FATCA or Foreign Account Tax Compliance Act in 2009. The primary goal of this act is to prevent US persons from parking their wealth outside the US to avoid taxation. The US government has signed agreements with many countries, which makes it mandatory for the other countries to share details of such investments by US nationals. The Indian government agreed to implement the FATCA in 2015 by way of inter-government agreement between India and USA.

Any NRI living in USA and investing in Indian assets will have to adhere to the Foreign Account Tax Compliance Act (FATCA) laws. These legislations require financial institutions to declare details of accounts held by US taxpayers. FATCA also requires a self-declaration from NRIs living in the USA while making investments in India.

The Indian government made it mandatory for all NRI investors from the US to self-declare FATCA compliance through Form 61B, as per Rules 114F and 114H of the Income Tax Rules, 1962. There are alternate procedures available as well.

We can help with meeting end to end requirements for FATCA and CRS disclosures.

Worldwide Disclosure Facility (WDF) is being used to disclose a UK tax liability that relates wholly or in part to an offshore issue.

WDF does not offer such favourable terms but it is still in your benefit to disclose as soon as possible to avoid hefty penalties. It can be used by any person who needs to disclose a UK tax liability in relation to an offshore income or gain. The same applies for all tax years up to and including 2023/24.

How can we Help

• Conduct a review of your tax affairs to identify any issues that need to be disclosed.
• Register you for the WDF process.
• Prepare and submit a WDF disclosure that minimises your exposure to unnecessary tax, interest and penalties.
• Where appropriate, deliver a letter of representations to explain your position to HMRC to bring your disclosure to a swift conclusion.
• If needed, negotiate a time to pay arrangement that is affordable according to your needs and personal circumstances

FBAR is another name for FinCEN Form 114 and is used to report foreign financial accounts that held a combined amount of $10,000 or more at any point during the calendar year.

• Who Must File?

U.S. persons (U.S. citizens, Green Card holders, resident aliens, and dual citizens) are required to file an FBAR if the combined balance of all the foreign accounts you own or have a financial interest or signature authority is more than $10,000 at any point during the calendar year.