China ends speculation over Fatca
With China agreeing in principle to comply with the US anti-tax evasion law, it looks like mainland fund houses, among others, will have to fall in line, despite many thinking they might be free to choose not to.
After months of speculation, China has agreed in principle to comply with the US’s Foreign Account Tax Compliance Act (Fatca), just before its July 1 compliance deadline.
This means that, among others, mainland fund managers – many of which had thought they would not need to comply with the extra-territorial anti-tax evasion law – will have to start preparing to do so.
The US Department of the Treasury said on Friday that it had reached a model 1 intergovernmental agreement (IGA…
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