Little incentive for China to implement Fatca
The US is pushing to sign up as many countries as possible to an IGA, but for China signing an IGA appears less appealing
There is little incentive for Chinese authorities to sign an intergovernmental agreement (IGA) to enable China’s financial institutions to comply with Fatca, as any benefits to it from an exchange of information with US tax authorities are likely to be minimal, say consultants.
IGAs are government-to-government agreements entered into between the US and the partner country to establish a framework for foreign financial institutions to report certain account information to their local tax
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