Foreign Invested Enterprise (FIE): What It Is and How Foreign Companies Operate in China
Warren Team
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Key terms
- Foreign Transaction FeeA fee charged for purchases made in foreign currencies or with foreign merchants, typically 1-3% of the transaction. Many travel cards waive this fee.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
- FATCA (Foreign Account Tax Compliance Act)A federal law requiring US citizens and residents to report foreign financial accounts and assets exceeding certain thresholds to the IRS. Foreign financial institutions must also report accounts held by US taxpayers to comply with the law.
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