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Repeal of FATCA may be some time away admits Republican Committee man

The Republican national committeeman leading the charge against the Foreign Account Tax Compliance Act says it may be some time yet before it’s repealed.

On Friday, Solomon Yue’s resolution passed, making it Republican party policy to repeal the Act.

Last December, chief minister Allan Bell signed an intergovernmental agreement under the Act which means financial institutions have to report details of their American clients to the US taxman.

Mr Yue says if the Act is repealed, that agreement no longer applies:

 

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