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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Dec 19 4:00 PM EST

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To: TobagoJack who wrote (108855)	1/10/2015 6:50:53 PM
From: Snowshoe	Read Replies (3) of 218617

Interesting ... China Wants Taxes Paid by Citizens Living Afar nytimes.com China’s tax officials are now demanding that citizens start reporting exactly how much money they earn overseas. In asking for this information, national and municipal tax agencies in China are quietly beginning to enforce a little-known and widely ignored regulation: Citizens and companies must pay domestic taxes on their entire worldwide incomes, not just on what they earn in China. ***** The roots of China’s decision to embrace worldwide taxation trace to the early 1990s. Still a very poor country then, China sent teams of tax officials to the United States, Britain, Germany and other nations to seek advice on drafting a modern tax code. One team sent to the United States visited state tax officials in California and New York, said Lili Zheng, a Deloitte accountant who coordinated the visit and is now co-leader of the firm’s Asian international investment practice. The team paid a long visit to the Internal Revenue Service and was given a two-volume bound copy of the United States tax code and a five-volume copy of I.R.S. regulations. Chinese officials chose the American definition of income, with its worldwide scope, in issuing their tax code in 1993. It remains in force today, although with many amendments.

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