T.K. Chang, a partner in the New York Office of Zhong Lun Law Firm, gave an extensive interview to The China Press on important recent developments in international tax law.
During the interview, Mr. Chang discussed the significant implications of China’s joining the in 2013. The Convention, which has been signed by more than 60 countries, will enable the tax authorities in these countries to cooperate on tax collection, to exchange taxpayer information and to combat tax evasion and tax avoidance. Mr. Chang also discussed the sweeping implications of the Foreign Account Tax Compliance Act (FATCA), which will force banks in countries around the world, including Switzerland, Bermuda and the Cayman Islands, to provide detailed information to the U.S. Internal Revenue Service (IRS) on U.S. citizens and green-card holders who hold accounts at these banks. The U.S. and P.R.C. Governments are currently in negotiations on an Inter-Governmental Agreement (IGA) under FATCA, which the two countries are anticipated to sign in 2014.
The China Press is the only newspaper published in simplified Chinese characters in North America. The link to the article is at: https://ny.usqiaobao.com/commercials/38589-2013-12-19-16-11-14.html