Latest News:  
Beijing   Light snow/Overcast    -1 / -6   City Forecast

People's Daily Online>>China Society

Taxing immigration

By Zou Le (Global Times)

14:59, January 07, 2012

Yan Rong, a wealthy businesswoman who has been contemplating possible immigration to the US, is second guessing her plan after learning that she would have to report her assets in China to the US government should her application be accepted.

"The US has a very sophisticated tax system, you can't expect to exploit loopholes there like you do in China," Yan told the Global Times.

The 35-year-old Shanghai native, who owns several private schools and a big stake in an electronic company, was referring to the Foreign Account Tax Compliance Act, which was enacted in 2010 and requires US citizens report their foreign financial assets.

Late last month, the Internal Revenue Service (IRS) released details on the Act, which observers say might put a dent in Chinese nationals' enthusiasm to emigrate to the US, particularly for China's nouveau riche who have become the largest group of people emigrating to the country through investments last year.

【1】 【2】 【3】 【4】

Email|Print|Comments(Editor:张茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Here be dragons

  2. 'Cradle of Chinese Buddhism' embraces world

  3. Surface area of Poyang Lake shrinks to less than 200 square km

  4. U.S. Navy rescues 13 Iranians taken hostage by Somali pirates

Most Popular

Opinions

  1. Greater say needed on yuan's convertibility
  2. Much ado about new stamps and dragons
  3. China takes frank, open stand on Myanmar issue
  4. Pentagon plan changes game in Asia
  5. Will Japan's economy recover in 2012?
  6. It is the China naysayers who are doomed to fail
  7. Common development with neighbors
  8. Japan's case of flawed priority
  9. Move to send 'alarming signal' across Asia
  10. EU's airline carbon tax may backfire

What's happening in China

Diplomat: China stresses ties with neighbors

  1. Writers set to take on Apple in copyright fight
  2. China to share housing info online
  3. Homicide, robbery suspect wanted
  4. Swill oil found in no city restaurants
  5. Buffett to welcome Chinese New Year in song

PD Online Data

  1. Traditional Mooncakes
  2. About Mooncakes
  3. History of Mooncakes
  4. Modern Mooncakes
  5. Legends of Mid-Autumn Festival