I work as freelancer from India. Should I be FATCA compliant. My bank (in India) is asking for FATCA compilance. I searched web for information on it could understand any thing. Had anyone not in USA has faced such a situation.
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Here's how I see it:
India is India.
Upwork is Upwork.
The United States is the United States.
Peru is Peru.
When in India, obey India's laws and regulations.
When on Upwork, obey Upwork's laws and regulations.
India has no obligation to write into its laws and bylines any recognition of or complicance with Upwork.
Upwork has no obligation to write into its laws and bylines any recognition of or complicance with India.
India WANTS its citizens to earn money using Upwork. India is NOT going to block this U.S.-based company from providing revenue to its citizens and thus enhancing their country's economy, all with no investment of their own.
Accountants and tax professionals within India can tell you how to comply with Indian tax law. Upwork representatives will tell you how to comply with Upwork rules. Upwork representatives are not going to tell you how to comply with Indian law.
If, at some point, any country decides that they don't want Upwork in their country, they can block it through national ISPs or they can simpy ask Upwork to stop doing business with their country. Upwork will comply.
FATCA is basically a requirement by US tax authorities for --
You don't have to bother about FATCA compliance, if you've --
How should I know and why should you take my word for it?
Although I no longer work in the audit and tax field, I keep myself updated on the latest details as I blog about personal finance and taxes. I recently wrote a detailed guide on FATCA for a client.
Hope this helps you address your bank's request.