China Enforces Tax on Overseas Investment Gains by Ultra-Rich

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 25 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 63%

Business أخبار

Taxation,Investment,China

China has begun enforcing a long-overlooked tax on overseas investment gains made by its wealthiest individuals. Some wealthy individuals in major Chinese cities have been summoned by tax authorities for meetings to evaluate potential payments, including those in arrears from past years.

Some wealthy individuals in major Chinese cities were told in recent months to conduct self-assessments or summoned by tax authorities for meetings.- China has begun enforcing a long-overlooked tax on overseas investment gains by the country’s ultra-rich, according to people familiar with the matter.

The individuals contacted are facing up to 20 per cent levies on investment gains, and some are also subject to penalties on overdue payments, said the people, adding that the final amount is negotiable. “China already has a treasure trove of CRS data which the tax authorities could readily mine to uncover collection opportunities,” said Patrick Yip, Deloitte China’s vice chair. “The potential for individual tax audits, relative to enterprise tax audits, would be on the rise.”

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 8. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين