“Mainland China has been included on a list of jurisdictions co-operating with the United States on a new law to halt tax evasion. It removes the threat of blacklisting or penalties that had been hanging over Chinese financial institutions. The Foreign Account Tax Compliance Act (Fatca) is a US law that requires financial institutions around the world to provide information on US taxpayers to the US government. The move will enable Beijing to obtain information on mainland Chinese taxpayers in the US, which will help in its fight against tax evasion and corruption. The US authorities will impose a 30% withholding tax on US-related income going through financial institutions that do not comply with Fatca.”
Related posts:
CDC calls rising E-cigarette among teens ‘deeply troubling’
H-P Pays $108M to DOJ, SEC To Settle Anti-Bribery Allegations
‘Beats paying $10K’: Uninsured opt for Obamacare fine over coverage
New £150million F-35 combat jet is banned from flying in bad weather because it could explode
Budget analysts project $1.1T federal deficit this year
EBay asks 145 million users to change passwords after cyber attack
Bank of England Says Government Should Split Up RBS, Accept Loss
Congress Is Nervous About This Whole Bitcoin Thing
General Robotics’ Ferret under-vehicle robot-camera deployed at RNC
Native Hawaiians to Feds: Give Us Back Our Kingdom
Turkish gold trade booms to Iran, via Dubai
Attorney for Whistleblower: 400 U.S. Missiles Stolen in Benghazi
Mandatory Sentences Face Growing Skepticism
EU backs Madrid in row over move to take back Catalonia
US sends Irish government arrest warrant for Snowden