The US "Foreign Account Tax Payment Act" cannot cure China's corrupt officials. It can only conduct tax inspections but cannot recover the stolen goods

The U.S. "Foreign Account Tax Payment Act" cannot cure China's corrupt officials. It can only conduct tax inspections but cannot recover the stolen goods. The "Foreign Account Tax Compliance Act" is essentially to help the U.S. government fight...

Introduction: On July 1, the U.S. "Foreign Account Tax Compliance Act" officially came into effect. According to reports, the two countries will exchange each other's citizens' financial account information in their own countries. Many comments believe that this move will expose the overseas assets of corrupt officials and help fight corruption. But in fact, the agreement has nothing to do with anti-corruption and is unlikely to have practical effects. It is wishful thinking to expect it.

The Foreign Account Tax Compliance Act is essentially a bill specially designed by the United States to combat overseas tax evasion by its citizens. It mainly targets overseas financial institutions and has nothing to do with China's anti-corruption

The Foreign Account Tax Compliance Act (FATCA) is a bill passed by the U.S. Congress in 2010 to increase tax revenue. It is essentially a domestic law in the United States, but this bill enables the U.S. government to collect taxpayers’ overseas account information worldwide. It requires global financial institutions to sign a compliance agreement with the IRS and regularly and unconditionally report the account information of U.S. citizens, including green card holders, that they hold. Otherwise, 30% of the institution's income in the U.S. will be imposed as a punitive withholding tax (income tax withheld on behalf of taxpayers). Therefore, the ultimate purpose of this bill is to prevent Americans from using overseas accounts to evade taxes, and has nothing to do with China's domestic anti-corruption issues.