Monday, January 12, 2015

So many errors..............

Not only does it look like China is well on board the FATCA Express, it has been reported in the New York Times that China is now applying worldwide tax on its citizens no matter where they live! 
http://www.nytimes.com/2015/01/08/business/international/china-starts-enforcing-tax-law-for-citizens-working-abroad.html?hp&action=click&pgtype=Homepage&module=second-column-region&region=top-news&WT.nav=top-news&_r=1

 
..........but China does not tax non-resident citizens on a worldwide basis. The New York Times article is incorrect. Among other errors, the article conflates the worldwide taxation of residents with worldwide taxation of non-residents, confuses the definition of income with the definition of residence, and misses the point that some people who are physically non-resident may be resident for tax purposes.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.