China has reached an intergovernmental agreement (IGA) with the U.S. on cooperation with the Foreign Account Tax Compliance Act, according to the U.S. Treasury Department.
In Accordance with Foreign Account Tax Compliance Act (FATCA), China will cooperate with a U.S. law and from first July China will share information regarding American residents’ financial accounts to the U.S. as same as the U.S. will share bank information regarding Chinese residents’ accounts in U.S. The initialed intergovernmental agreement provides for the reciprocal exchange of information in both countries under the FATCA through a central authority.
