“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:
Tehran Stock Exchange main index posts 99.4% gain since March
Syria crisis: Moscow reminds US of Iraq mistakes
Stark Scenes From the Guantanamo Hunger Strike
Saudis withdraw from US-backed starvation blockade in Yemen
Hands On With The KnCMiner Jupiter, The Massive BTC Mining Rig
Southern California Cities Further Reject Red Light Cameras
DHS Warns Muslim Brotherhood and Iran Forming New “Terror Axis”
Another Federal Housing Bailout: FHA Needs $943 Million
Obama Administration Uses Pirated Code on Healthcare.gov
Buttercoin Uses Bitcoin To Attack The $500B-A-Year Remittances Economy
Seattle police pay $20,000 for cover-up involving violence against protesters
Law enforcement uses smart meter parking apps to spy on everyone
Jury Nullifies Charge Against Pot Grower Who Shot and Killed a Cop
U.S. Secret Service Demands Congress Regulate Cryptocurrencies
PITA Side-Channel Attack Steals GPG Key from Laptops