Date
21 November 2017
Following a slowdown in tax-revenue growth, China is said to be taking a closer look at the incomes of the wealthy and people working with multinational firms. Photo: Bloomberg
Following a slowdown in tax-revenue growth, China is said to be taking a closer look at the incomes of the wealthy and people working with multinational firms. Photo: Bloomberg

China steps up tax scrutiny on the wealthy

Chinese officials have been told to step up personal income tax collection, which could result in more scrutiny on non-salary income, investment income or proceeds from stock options, a report said.

Greater attention is also likely to be paid to the overseas assets of wealthy Chinese, according to the Wall Street Journal.

The move comes as the nation’s tax-revenue growth slowed to just 7.4 percent in the nine months to September, from 9 percent in the same period last year, the paper noted.

The growth target for this year is 7.5 percent, a source was quoted as saying.

Multinational firms and their employees will be among those coming in for tighter oversight, according to the report.

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