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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.

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