Tax authorities eye high-income earners
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China will reinforce tax collection and management of high-income earners in sectors such as property, trust, resources and private equities, according to a recent notice from the State Administration of Taxation.
High-income earners in these industries as well as highly-paid expatriates will come under tighter scrutiny from China's tax authorities.
A large number of highly-paid individuals have come from these industries, and they benefitted from China's rapid economic growth.
China has also pledged to tighten tax collection on non-salary incomes, such as from transactions of non-listed companies and real estate as well as bonus and dividends, according to the notice.
The tax authorities will also come down hard on individuals who tried to evade paying taxes or under-declared their income.
In order to crack down on tax evasion, Chinese tax authorities will cooperate with banks, police, business and administration institutions to access more information about taxable income.
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