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US Treasury says reaches foreign tax law pact with ChinaREUTERS: The United States has reached an agreement with China on implementing and enforcing a new US law meant to combat overseas tax avoidance by Americans, a US Treasury Department official said. Long seen as a crucial step for the rollout of 2010’s Foreign Account Tax Compliance Act, or FATCA, the agreement in substance with China was concluded just days before the law is set to take effect on 1 July. The United States now has FATCA agreements being treated as in effect with more than 80 jurisdictions, the official said. FATCA will require foreign banks, investment funds and other institutions to tell the US Government about Americans’ accounts that are worth more than $ 50,000. Foreign firms that do not comply face a 30% withholding tax on their US investment income and could effectively be frozen out of US capital markets. The law was written after a scandal involving Americans dodging US taxes through secret bank accounts in Switzerland. |
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.