China's Fatca pact could prompt move into property
Since the US anti-tax evasion law only covers the sharing of information on certain financial instruments, China's agreement to comply may prompt mainland investors to seek assets outside the rules' scope, say observers.
While China has agreed to comply with the US's Foreign Account Tax Compliance Act (Fatca), the legislation only covers certain financial instruments, which could prompt Chinese nationals overseas to move into assets not covered by the law.
Under the agreement, China-based financial institutions will report information on the financial accounts of US persons to America’s Internal Revenue Service, and US firms will send information on Chinese account holders to mainland tax authorit…
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