My brother, who is an Indian citizen, is doing is Ph.D in USA. He pays taxes on his stipends from the university grant. Does FATCA apply to him? What should he declare in tax reference number and identification?
- Pratik Sahu
Yes, FATCA will apply to him as he pays taxes in the US. The supplementary Know Your Client (KYC), FATCA & CRS - self-certification form for individuals asks the investor is his/her country of tax residency other than India. If yes, it asks the investor to give additional information like country of tax residency, tax payer identification number, and identification type. It also says that in case the Tax Identification Number (TIN) is not available, the investor can provide its functional equivalent.