Brits, for example, are up in arms over recent a new international tax proposal. Some are thinking of pulling out from doing business with Americans. What's in a U. S. proposal that could possibly cause an uproar across the pond?
Reports the UK's Telegraph:
President Obama's proposals are built on the so-called Qualified Intermediary system which was intended to ensure Americans paid the correct tax wherever they were domiciled. Foreign financial institutions that handle American money have to fill in a US tax form on behalf of the client that has to be audited too. In return, the banks receive a QI seal of approval as a qualified intermediary.The British Bankers Association and London's Association of Private Client Investment Managers and Stockbrokers had a meeting with European counterparts 10 days ago to discuss the crisis. A delegation is set to meet the US Treasury's Internal Revenue Service in June to demand the requrement be deep sixed.
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