CBDT amends definition of ‘non-reporting financial institution’ for purpose of reporting under FATCA
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- Last Updated on 12 October, 2022
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Notification no. 112/2022, dated 07-10-2022
The Central Board of Direct Taxes (CBDT) has amended the definition of ‘non-reporting financial institution’ as defined under Rule 114F. Section 285BA talks about reporting requirements by a “non-reporting financial institution” that is responsible for registering, and maintaining books of account or other documents containing a record of any reportable account.
The definition of ‘non-reporting financial institution’ has been amended to provide that
a) a financial institution with a local client base;
b) a local bank; and
c) a financial institution with only low-value accounts.
shall be termed as a non-reporting financial institution only in case of any U.S. reportable account.
Further, the Board has also amended the definition of ‘Treaty Qualified Retirement Fund’ to make it USA country-specific.
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