It's not just taxes on offshore trusts, but there is a new official document that suggests new border restrictions will make every step of leaving the country much harder (i.e. applying for a passport, the actual border crossing).
> 4. Immigration Administration authorities can ban Chinese citizens who fraudulently obtained exit and entry documents who have faced executive punishment from leaving for a period of 6 months to 3 years following the end of the punishment if the authorities determine, based on the circumstances and to prevent crime, it is necessary to do so.
> Chinese citizens who committed illegal or criminal activities, threatened national security and national interests may be banned from leaving for a period of 6 months to 3 years upon their return if a department of the State Council or a foreign diplomatic mission verifies these activities occurred. This decision shall be made by the provincial People's Government in the person's province of residence.
The question is, what happens if someone did something in a foreign country where it is legal, but where it may be illegal in China? Also, how can a citizen commit fraud unless it was literal identity theft (very hard to do in China with mandatory fingerprinting) or maybe when people whose passports that are surrendered to their employers lie to their employers about the purpose of a trip abroad (these are people who work in the "system", what we call 体制内 in Chinese, invariably government employees).
This sparked fear among people who are Chinese citizens and have permanent residency in another country. In many countries, you must live there for a minimum amount of time to maintain your permanent resident status. But if you get exit banned on one of your visits to China, if that ban is long enough, you will lose your permanent resident status. My advice, of course, is to naturalize in that country (which results in automatic citizenship revocation in China).
No different than US or any other country refusing to issue or in other cases revoking a passport. Passports are not a right. In the US, they can refuse or revoke passports if you owe taxes, owe child support or have a federal or state felony, charges/warrants etc..basically an exit ban unless you have another passport to use
Revoking Edward Snowden's passport is how he got trapped in Russia, he had originally planned to end up in Brazil, but could no longer travel without a valid passport.
How do you know how many people have had their passports revoked or denied issuance/renewal in the states? The takeaway is China just like the US or any other country can and use passport (revoke, not issue/renew) as a tool to punish citizens and it's codified in law in both US and China and the reasons are arbitrary enough that it's really at discretion of govt
Thats like saying United States is the country where ICE and Police can shoot a innocent civilian in broad daylight and the only punishment they would get is a 4 week paid holiday while the department "investigates" themselves.
Your translation isn't accurate. The beginning of the 2nd part should translate to (because where the "的", possession indicator is placed):
> ... who committed illegal or criminal activity that threatened national security ...
Basically this exclude things like you smoking weed in the US etc. Obviously I am only talking about translation, and have no clue to what extend this will be enforced.
They are seriously cash strapped and now China is going after wealthy and tax avoiders through their trusts
1.) In June they limited access through Hong Kong for anyone including trusts to buy US stocks which was the main way to do this legally. You can no longer buy US stocks but you can sell what you currently have.
2.) Also in June Hong Kong firms were already warning clients that the chinese government has seized their files in order for them to discover what trusts exist offshore and what amounts. Possible taxation or law changes are coming.
3.) Today we find out that the Chinese government is taxing all trusts a 20% levythrough every stage of the trust from establishment to profits earned. Which essentially will cause all Chinese trust owners to sell portions of their trust (whether that is real estate, bonds, stocks...etc). They have 90 days to declare and to pay the levy.
4.) The race is now on for tax lawyers, experts...etc
> Taxable amounts submitted to Chinese authorities will need to match figures already shared with Beijing by foreign governments under the Common Reporting Standard
It is very difficult to come up with correct numbers within 90 days and also when you sell from a trust, there is a tax penalty involved too. The last thing you want to do is be flagged by the Chinese government and fined (as fines can be very extreme) or worst case is seizure of wealth if you do not comply.
I wonder if this is a local govt issue the CCP is trying to get money to support? Local govt is all funded by land use sales, when real estate is dumping the cash runs dry and governments need to burrow to make up the difference while figuring out where to cut.
Also with deflation and declining population you have reduced VAT and income taxes centrally (what the CCP runs off of and manages) at a time they’re probably spending more to keep the economy going.
Because it's a reason pulled out of thin-air. The US and China can't become cash strapped ever. Unlike countries that have large amount of debt in foreign currencies.
It's so obvious what is going on here and all these absolute shit talkers on US media platforms like Fox, or other "market experts" are nothing short of liars, and propogandist for Turmp.
War is not just soldiers, and missiles. War is the continuation of policy by other means. War also ends not by soldiers or missiles, but politically at a table. I have no idea why the US attacked Iran, but I do know that it is now locked into a war that it can't end politically. The entire game is now to wait it out, watch the SR's in different countries drop, and watch inflation eat away at the global GDP. As states get desperate, then negotiations will begin.
Of course, the talking heads can't say this so they go on about markets, and deals being close, the S&P at record levels or some AI hype. At the same time, the government says Iran has nothing left to fight with, while also threatening the biggest invasion since WW2, while also being unable to get Iran to negotiate. How can Iran be too weak to fight, but too strong to reject negotiations prompting the US to then threaten extreme military force? This is all such bullshit and all of these claims cannot be true at the same time. If Iran was too weak, then it would negotiate and an invasion wouldn't be needed.
This is a waiting game. Trump being the populist he is has to keep up the appearance of control, but in truth he is now stuck in the same situation as Putin. He's stuck in a war that is bleeding out his economy and it won't end until either the other side bleeds out first, or he bleeds out. Looking at the US's QE in in Japan using EUR, it looks like the US is starting to wobble. Putin lost Syria, and Mali for Ukraine. I wonder what the US will lose? The Yen Carry Trade? Pensions from the EU?
The AI bubble is the single biggest allocation of capital in recorded history. At the same time, the US is suffering form high interest/high inflation. All those data centers, and chips need energy to run. All those tech companies have all that debt. Interesting seeing the same government essentially adopt two completely counteracting policies between hyper speculation and market collusion with AI, and then a war in Iran triggering a global energy crisis which cripples AI's energy supply and causes more inflation.
Really? No idea? Zero? Not even after Marco Rubio said that Israel was going to attack so they had to attack first to defend Israel from Iran retaliating?
Also i don't really get what your comment has to do with China looking for more tax revenue, i don't see anything about the war in Iran being mentioned in the article. Are you a bot? Are you lost?
Don’t delete it. Go further. You’ve basically just written the preamble. Add the fact that the Houthis have been letting Chinese ships through and reports of China sending shoulder-mounted rocket launchers to Iran, add in the GENIUS Act tying stable coins to US Treasuries, and sprinkle on top the coming Super El Niño and your comment will make perfect sense in this post.
random20190826 | 6 hours ago
Order from the State Council of the People's Republic of China - #841 - State Council Regulation Concerning Exit and Entry (link in Chinese)
It's not just taxes on offshore trusts, but there is a new official document that suggests new border restrictions will make every step of leaving the country much harder (i.e. applying for a passport, the actual border crossing).
In particular:
> 第四条 中国公民因骗取出境入境证件、非法出境入境受到行政拘留处罚的，移民管理机构可以根据违法情形和预防违法犯罪的需要，决定自处罚执行完毕之日起6个月至3年以内不准其出境。
Translation:
> 4. Immigration Administration authorities can ban Chinese citizens who fraudulently obtained exit and entry documents who have faced executive punishment from leaving for a period of 6 months to 3 years following the end of the punishment if the authorities determine, based on the circumstances and to prevent crime, it is necessary to do so.
> 中国公民在境外从事违法犯罪活动，危害国家安全和利益的，可以由国务院有关主管部门，或者经驻外外交机构等核实后由其境内住所地省级人民政府决定自回国之日起6个月至3年以内不准其出境。
Translation:
> Chinese citizens who committed illegal or criminal activities, threatened national security and national interests may be banned from leaving for a period of 6 months to 3 years upon their return if a department of the State Council or a foreign diplomatic mission verifies these activities occurred. This decision shall be made by the provincial People's Government in the person's province of residence.
The question is, what happens if someone did something in a foreign country where it is legal, but where it may be illegal in China? Also, how can a citizen commit fraud unless it was literal identity theft (very hard to do in China with mandatory fingerprinting) or maybe when people whose passports that are surrendered to their employers lie to their employers about the purpose of a trip abroad (these are people who work in the "system", what we call 体制内 in Chinese, invariably government employees).
This sparked fear among people who are Chinese citizens and have permanent residency in another country. In many countries, you must live there for a minimum amount of time to maintain your permanent resident status. But if you get exit banned on one of your visits to China, if that ban is long enough, you will lose your permanent resident status. My advice, of course, is to naturalize in that country (which results in automatic citizenship revocation in China).
[OP] NitroLada | 6 hours ago
No different than US or any other country refusing to issue or in other cases revoking a passport. Passports are not a right. In the US, they can refuse or revoke passports if you owe taxes, owe child support or have a federal or state felony, charges/warrants etc..basically an exit ban unless you have another passport to use
obsequiousaardvark | 4 hours ago
Revoking Edward Snowden's passport is how he got trapped in Russia, he had originally planned to end up in Brazil, but could no longer travel without a valid passport.
krazyboi | 4 hours ago
But Snowden is a unique case. Doing it on a mass scale is straight out of the russian playbook.
[OP] NitroLada | 3 hours ago
How do you know how many people have had their passports revoked or denied issuance/renewal in the states? The takeaway is China just like the US or any other country can and use passport (revoke, not issue/renew) as a tool to punish citizens and it's codified in law in both US and China and the reasons are arbitrary enough that it's really at discretion of govt
DeathMetal007 | an hour ago
China is the country where people mysteriously disappear for a long time and come out saying the Chinese government told them not to say anything
OnePilotDrone | an hour ago
Thats like saying United States is the country where ICE and Police can shoot a innocent civilian in broad daylight and the only punishment they would get is a 4 week paid holiday while the department "investigates" themselves.
useronlyone | 13 minutes ago
Recent events have really knocked the US off its high horse, eh? 😂
YYM7 | 2 hours ago
Your translation isn't accurate. The beginning of the 2nd part should translate to (because where the "的", possession indicator is placed):
> ... who committed illegal or criminal activity that threatened national security ...
Basically this exclude things like you smoking weed in the US etc. Obviously I am only talking about translation, and have no clue to what extend this will be enforced.
VanCityPhotoNewbie | 3 hours ago
They are seriously cash strapped and now China is going after wealthy and tax avoiders through their trusts
1.) In June they limited access through Hong Kong for anyone including trusts to buy US stocks which was the main way to do this legally. You can no longer buy US stocks but you can sell what you currently have.
2.) Also in June Hong Kong firms were already warning clients that the chinese government has seized their files in order for them to discover what trusts exist offshore and what amounts. Possible taxation or law changes are coming.
3.) Today we find out that the Chinese government is taxing all trusts a 20% levy through every stage of the trust from establishment to profits earned. Which essentially will cause all Chinese trust owners to sell portions of their trust (whether that is real estate, bonds, stocks...etc). They have 90 days to declare and to pay the levy.
4.) The race is now on for tax lawyers, experts...etc
> Taxable amounts submitted to Chinese authorities will need to match figures already shared with Beijing by foreign governments under the Common Reporting Standard
It is very difficult to come up with correct numbers within 90 days and also when you sell from a trust, there is a tax penalty involved too. The last thing you want to do is be flagged by the Chinese government and fined (as fines can be very extreme) or worst case is seizure of wealth if you do not comply.
Calm_Situation_1131 | 2 hours ago
Why is China cash strapped now?
Mnm0602 | 47 minutes ago
I wonder if this is a local govt issue the CCP is trying to get money to support? Local govt is all funded by land use sales, when real estate is dumping the cash runs dry and governments need to burrow to make up the difference while figuring out where to cut.
Also with deflation and declining population you have reduced VAT and income taxes centrally (what the CCP runs off of and manages) at a time they’re probably spending more to keep the economy going.
Wonderful-Stable9839 | 26 minutes ago
Because it's a reason pulled out of thin-air. The US and China can't become cash strapped ever. Unlike countries that have large amount of debt in foreign currencies.
SillyFlyGuy | 59 minutes ago
This is an important question. We keep hearing that their real estate market has collapsed. Could be fallout from that.
Buddyh1 | 35 minutes ago
Maybe something to do with all those American ship replicas out in the Chinese desert.
Wonderful-Stable9839 | 28 minutes ago
Going after tax evaders because the government is cash strapped? That's not how the government or economy works.
Thom0 | 6 hours ago
It's so obvious what is going on here and all these absolute shit talkers on US media platforms like Fox, or other "market experts" are nothing short of liars, and propogandist for Turmp.
War is not just soldiers, and missiles. War is the continuation of policy by other means. War also ends not by soldiers or missiles, but politically at a table. I have no idea why the US attacked Iran, but I do know that it is now locked into a war that it can't end politically. The entire game is now to wait it out, watch the SR's in different countries drop, and watch inflation eat away at the global GDP. As states get desperate, then negotiations will begin.
Of course, the talking heads can't say this so they go on about markets, and deals being close, the S&P at record levels or some AI hype. At the same time, the government says Iran has nothing left to fight with, while also threatening the biggest invasion since WW2, while also being unable to get Iran to negotiate. How can Iran be too weak to fight, but too strong to reject negotiations prompting the US to then threaten extreme military force? This is all such bullshit and all of these claims cannot be true at the same time. If Iran was too weak, then it would negotiate and an invasion wouldn't be needed.
This is a waiting game. Trump being the populist he is has to keep up the appearance of control, but in truth he is now stuck in the same situation as Putin. He's stuck in a war that is bleeding out his economy and it won't end until either the other side bleeds out first, or he bleeds out. Looking at the US's QE in in Japan using EUR, it looks like the US is starting to wobble. Putin lost Syria, and Mali for Ukraine. I wonder what the US will lose? The Yen Carry Trade? Pensions from the EU?
The AI bubble is the single biggest allocation of capital in recorded history. At the same time, the US is suffering form high interest/high inflation. All those data centers, and chips need energy to run. All those tech companies have all that debt. Interesting seeing the same government essentially adopt two completely counteracting policies between hyper speculation and market collusion with AI, and then a war in Iran triggering a global energy crisis which cripples AI's energy supply and causes more inflation.
Make it make sense??
iaNCURdehunedoara | 6 hours ago
>I have no idea why the US attacked Iran
Really? No idea? Zero? Not even after Marco Rubio said that Israel was going to attack so they had to attack first to defend Israel from Iran retaliating?
Also i don't really get what your comment has to do with China looking for more tax revenue, i don't see anything about the war in Iran being mentioned in the article. Are you a bot? Are you lost?
Thom0 | 6 hours ago
Yeah wrong thread. I'm dumb and sleep deprived.
SirNicksAlong | 4 hours ago
Don’t delete it. Go further. You’ve basically just written the preamble. Add the fact that the Houthis have been letting Chinese ships through and reports of China sending shoulder-mounted rocket launchers to Iran, add in the GENIUS Act tying stable coins to US Treasuries, and sprinkle on top the coming Super El Niño and your comment will make perfect sense in this post.
thedialectitian | 13 minutes ago
An AI response to an AI comment ...
ofbekar | 4 hours ago
On the contrary, I think you hit the nail on the head.
Mayafoe | 5 hours ago
So delete it
Mayafoe | 5 hours ago
So delete it
Mayafoe | 5 hours ago
...what the? Is this an AI response? This comment has nothing to do with the post.
Pizza-Pirate-6829 | an hour ago
Yup the bot read the prompt wrong