“FATCA has been created to track down the offshore financial assets of US taxpayers and make the institution concerned reveal details so that tax can be collected. Now China is telling the US that there will be so few US citizens holding Chinese bank accounts that the cost of implementing FATCA outweighs the benefit to the nation’s financial institutions. The Chinese have also pointed out that even the opportunity of signing an IGA which would allow them to get details of Chinese taxpayers in the US would also serve minimal benefit to the government.”
http://www.iexpats.com/2013/03/us-unlikely-to-crack-china-fatca-agreement/
Related posts:
Grid Down Acapulco: “There’s Nothing to Eat”
The richest man in Asia is selling everything in China
TSA Can Now Refuse Travelers Who Opt Out Of Airport Body Scanners
Mississippi Cops Hogtie and Kill ‘Widespread Panic’ Concertgoer
Peter Schiff Goes to Puerto Rico
The Catastrophe of Modern Farming: A Full-Fledged Organic Opportunity
Do-Nothing Congress? Americans Think Congress Passes Too Many Laws
Why I'm burning my last bridge with Obama
Crisis Looms for Crimea Opiate Addicts as Russia Bans Methadone
Marc Faber: Bond Burglars to Bring Bears Out of Hibernation
Tennessee: Appellate Court Upholds License Plate Roadblocks
Is ISIS a Real Threat to You?
Revealed: Al-Qaeda’s 22 Tips For Dodging Drones
Bank-like Bitcoin Portal Neo Opens First Branch in Cyprus
'Bitcoin steals power from both banks and gangsters'