The top story in the finance section on Tuesday morning is about the Chinese government's hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don't identify if they are foreign taxpayers. It goes on to say many of the frozen accounts belong to Chinese residents, warns that more account freezes are coming and that in September, the Australian and New Zealand governments will begin sharing information with China's tax department.
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WNU Editor: I think this $21 trillion number is too high. But I do know that among my many Chinese friends who live in the West and in Russia, they do not report their income back to Beijing. And while Australia and New Zealand appear to be cooperating with China, I have to wonder if countries like the U.S., Canada, the EU, etc., will.
5 comments:
21 Trillion seems like a stupendous amount for hidden assets and unpaid taxes. I'd imagine that includes foreign state assets as well, it must do, for that number...
China is hardly alone in this. Read up on the Panama Papers and use their search engine. And that does not even cover ALL the places offshore where wealth has been hidden for years.
I dont have much knowledge of economics but does that mean china needs money for its growing debt problem?
In part. but also means that many in China as in dozens of people in the West conceal what they own and hide it offshore to escape taxation
You could begin to learn more about offshore money hiding by GOING HERE
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