The China Post
Date: December 30, 2016
By: The China Post news staff
Many lawmakers have vowed to veto what they describe as an “unfair” agreement that Taiwan signed
Many lawmakers have vowed to veto what they describe as an “unfair” agreement that Taiwan signed last week to facilitate a U.S. tax evasion crackdown reportedly set to target up to 5,000 Taiwanese who are also American citizens.
last week to facilitate a U.S. tax evasion crackdown reportedly set to target up to 5,000 Taiwanese who are also American citizens.
The lawmakers said the freshly-signed agreement on the Foreign Account Tax Compliance Act (FATCA) allows the U.S. government to collect data on “non-cooperative” clients from Taiwan’s banks, but does not require the United States to reciprocate the favor.
Questioning Finance Minister Sheu Yu-jer over the fairness of the FATCA agreement at the Legislature’s Finance Committee meeting Thursday, the lawmakers vowed to block the pact, which requires the Legislature’s approval.
Sheu told the lawmakers that Taiwan would seek to sign a tax information exchange agreement (TIEA) with the United States. [FULL STORY]
