China Establishes Bureau to Take "Special Care" of High Net Worth Individuals
Sources: Commons HK #Nov10
#BigData #BigBrother #HNWI #ChivesHarvesting
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Sources: Commons HK #Nov10
#BigData #BigBrother #HNWI #ChivesHarvesting
Read more
⬇️⬇️⬇️
China Establishes Bureau to Take "Special Care" of High Net Worth Individuals
China has established a new bureau to oversee citizens with over $10 million in their bank accounts, Asia Finance reports.
The "High-Net-Worth Individuals Management Bureau" will build up a database of taxpayer profiles using their electronic records. Citizens moving out of China are also targeted for further scrutiny, to ensure that they fully pay the requisite taxes for cancelling their household registration before leaving the country.
The bureau will enact a four-pronged approach to take "special care" of these high-net-worth individuals: to strengthen surveillance on non-taxable businesses, information sharing, verification, and "cloud-ification". New departments will be created to enable information exchange with the People's Bank of China, as well as verifying these individuals mobile phones and various registrations.
This is seen as the first policy enacted since President Xi Jinping's proposal for "common prosperity" in the National People's Congress earlier this year. To support these changes, the tax department plans to hire an additional 25,000 staff, accounting for 67% of new hiring this year, an increase of 3.3% from last year.
These increases in government spending and surveillance imply that the rich in China will need to pay an increasingly higher price if they wish to move their money overseas.
Sources: Commons HK #Nov10
cmmns.co/gBwBb
Asia Finance
https://twitter.com/AsiaFinance/status/1589820298416660480
#BigData #BigBrother #HNWI #ChivesHarvesting
China has established a new bureau to oversee citizens with over $10 million in their bank accounts, Asia Finance reports.
The "High-Net-Worth Individuals Management Bureau" will build up a database of taxpayer profiles using their electronic records. Citizens moving out of China are also targeted for further scrutiny, to ensure that they fully pay the requisite taxes for cancelling their household registration before leaving the country.
The bureau will enact a four-pronged approach to take "special care" of these high-net-worth individuals: to strengthen surveillance on non-taxable businesses, information sharing, verification, and "cloud-ification". New departments will be created to enable information exchange with the People's Bank of China, as well as verifying these individuals mobile phones and various registrations.
This is seen as the first policy enacted since President Xi Jinping's proposal for "common prosperity" in the National People's Congress earlier this year. To support these changes, the tax department plans to hire an additional 25,000 staff, accounting for 67% of new hiring this year, an increase of 3.3% from last year.
These increases in government spending and surveillance imply that the rich in China will need to pay an increasingly higher price if they wish to move their money overseas.
Sources: Commons HK #Nov10
cmmns.co/gBwBb
Asia Finance
https://twitter.com/AsiaFinance/status/1589820298416660480
#BigData #BigBrother #HNWI #ChivesHarvesting
同文 Commons
收割韭菜 中國成立「高淨值人群管理局」存款一千萬以上人士需要「特別關照」 | 國際新聞 | 同文 Commons
亞洲金融 Twitter 11 月 8 日披露，中國成立「高淨值人群管理局」，針對銀行存款在一千萬元以上的存戶進行特別管理。當局會採取智慧稅務的手段，採集每個納稅人信息，做出相關納稅人數據系統，同時針對移民人士進行注銷戶籍稅。中國公民要移民海外，必須要到稅務機關出具清稅證明。為配合相關政策，稅務系統計劃招收 2 萬