Facing budget crunches, Chinese tax collectors descend on companies

  • 📰 ABC
  • ⏱ Reading Time:
  • 56 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 51%

Taxes 뉴스

Business,World News,General News

Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis

A vehicle with a sticker which reads"Chinese Heart" and"Chinese Dream" is seen near a construction project on the outskirts of Beijing, Thursday, July 25, 2024. .

That will be easier said than done, and experts question how thoroughly the party will follow through on its pledges to improve the tax regime and better balance control of government revenues. Economists have long warned the situation is unsustainable, saying China must beef up tax collection to balance budgets in the long run., corporate income, and value-added taxes to curry support, boost economic growth and encourage investment — often in ways that favored the rich, tax scholars say. According to most estimates, only about 5% of Chinese pay personal income taxes, far lower than in many other countries.

“When business owners are feeling insecure, how can there be more private investment growth in China?” said Chen Zhiwu, a finance professor at the University of Hong Kong’s business school. “An economic slowdown is inevitable.” Internet livestreaming celebrity Huang Wei, better known by her pseudonym, Weiya, was fined 1.3 billion yuan for tax evasion in 2021. She apologized and escaped prosecution by paying up, but her social media accounts were suspended, crippling her business.

이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오:

 /  🏆 471. in KR
 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

Facing budget crunches, Chinese tax collectors descend on companiesChinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis.
출처: AP - 🏆 728. / 51 더 많은 것을 읽으십시오 »