“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.”
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