“It’s been no secret that China views FATCA very unfavorably and negotiations towards compliance are going nowhere. It seems unlikely that the US would hit China with the 30% withholding tax for non-compliance. With China holding roughly $1.2 trillion in US Treasuries, it’s not as if it lacks its own leverage over the US government. This leaves the FATCA juggernaut stuck in a Sino-US standoff. It appears the US will have to either make serious concessions to win China over or back down on the 30% non-compliance tax. Should China stand its ground and not compromise on FATCA, it would punch a massive hole in global compliance.”
http://www.internationalman.com/78-global-perspectives/987-the-devolution-of-financial-privacy
Related posts:
Jeff Berwick: Bitcoin Is Equivalent to the Internet in 1993
Bloomberg loves security cameras –until NYPD officers are ordered to wear them
The Thieves Who Steal Sunken Warships, Right Down to the Bolts
Survey: Investor Optimism Highest Since Crash of '87
Winklevoss says Bitcoin valuation will top $40k, plays down Silk Road
Former Obama drug policy adviser predicts weed war if states legalize
7 Fundamental Conclusions about 2014
Tea Partier Rand Paul Shows Up Obama on Drug Policy
German student creates electromagnetic harvester that gathers free electricity from thin air
New York Republican recommends ‘torture’ for teenage Boston bomb suspect
Russia to ban cash transactions over $10,000
Feds force Oregon to surrender medical marijuana patient records
Afghan probe into civilian killings stymied by US refusal to cooperate
Lead Sponsor Of Federal High Capacity Ban Was Unaware Magazines Could Be Reloaded
New Jersey cop allegedly shot man to death as wife and three kids looked on