Good! China Raises Tax from 15% to 45% for Overseas Chinese. Many leaving SG/HK Cannot Tahan

[Peiweh]

Wow! So if the PRCs are now going to be taxed globally then what happens to all those properties they bought here in Singapore? All of a sudden half of it has to go to Xi! So funny! HA HA HA HA HA

Serves the PRCs here right. I cant wait to smear this in their faces HA HA HA HA HA

 

[leeisphtui]

This is not good news! On the contrary what happens when all the Tiongs here realize they can save on taxation by renouncing their citizenship? All will take up our SG Passport.

 

[zhihau]

All will take up our SG Passport.

Altogether now!!! HUAT AH!!!

 

[kiketerm]

I am curious to see how this affect those Ma Chi type running around show off types. Crying?

 

[nayr69sg]

Overseas Chinese love to say China good. Chinese good. They love China.

So go ahead pay your 45% tax back home then!

And if any pro China supporters who are not Chinese Nationals you are welcome to contribute by giving China a donation.

It is common sense that only if you are in need of money will you come up with such taxes. So for those who say China is damn rich and does not need money I think it seems strange they do this now right?

 

[A Singaporean]

First of all global tax is nothing new, USA has this too. At least 90% of the Tiongs in Singapore are carry 2 passports. PAP has allowed them to do so although it is prohibited by law. This is the price they have to pay if they want to retain their Chinese passports.

 

[frenchbriefs]

Does this tax apply to low income?imagine those tiongs that came to drive buses on pass.i mean pass workers still have to pay local tax right.

 

[maxxi]

CCP expects all ethnic Chinese including [overseas born] to swear allegiance and loyalty to the motherland.No exceptions.

Even the 4/5th gen ABCs.

 

[nayr69sg]

CCP expects all ethnic Chinese including [overseas born] to swear allegiance and loyalty to the motherland.No exceptions.

Even the 4/5th gen ABCs.

Nah. I think as long as you hold China Passport then it applies to you.

China should make it such that any pro-China supporters can easily obtain a China passport and pay taxes. I am sure they would be so happy to pay taxes to China. Helps the country very much. And it will accelerate their challenge to the USA as the world's biggest economy.

 

[busy123]

Is this the most highest taxation rate in world? 45% sound high

 

[frenchbriefs]

Is this the most highest taxation rate in world? 45% sound high

Most ang MOH countries are around 30 to 50% for the highest bracket.

 

[londoncabby]

First of all global tax is nothing new, USA has this too. At least 90% of the Tiongs in Singapore are carry 2 passports. PAP has allowed them to do so although it is prohibited by law. This is the price they have to pay if they want to retain their Chinese passports.

I know how the US tax system works.

First of all US Persons are granted either a standard deduction or itemized deductions. The standard deduction is currently US$ 24,800 (S$ 34,500). Most people itemize deductions for medical, education expenses among others when such deductions are higher than the standard deduction. Getting into deductions is a lengthy discussion.

For any outstation US people they can exclude foreign earned income exclusion of US$107,600 (S$150,000) plus a housing exclusion of US$ 31,770 (S$45,000) If married the exclusion doubles to US$ 215,000 (S$300,000) so you are looking at S$ 345,000 for a married couple. Adding the above S$ 34,500 standard deduction you arrive at S$379,000 before any tax liability accrues.

Most people itemize deductions and if the US person has children, they can claim the child tax credit of US$ 2,000 per child. A Tax credit is different than tax deduction because its a direct offset of tax liability. Furthermore, if the US person has no tax liability and has children, the IRS will pay the US Person US$ 1400 per child, as a refund.

The US tax system is complicated, but the actual rates of taxation is fair after everything is tabulated. The paperwork is a nightmare.

 

[Scrooball (clone)]

45% tax?! Does it come with free medical and education? lol

 

[red amoeba]

They will move funds around the world. Switzerland will not care to China’s request provided these ah Tiong don’t step into China soil.

 

[nightsafari]

This is not 1st hand information, but I heard that they have a program for the Chinese diaspora to repatriate themselves and presumably their funds back to China.

 

[nightsafari]

Is this the most highest taxation rate in world? 45% sound high

It is high, but the highest belong to socialist countries that come close to 60%.

 

[nightsafari]

It comes naturally for the malays. If only it was lao tze that came on the ship instead of zheng he.

If only...

 

[nightsafari]

I know how the US tax system works.

First of all US Persons are granted either a standard deduction or itemized deductions. The standard deduction is currently US$ 24,800 (S$ 34,500). Most people itemize deductions for medical, education expenses among others when such deductions are higher than the standard deduction. Getting into deductions is a lengthy discussion.

For any outstation US people they can exclude foreign earned income exclusion of US$107,600 (S$150,000) plus a housing exclusion of US$ 31,770 (S$45,000) If married the exclusion doubles to US$ 215,000 (S$300,000) so you are looking at S$ 345,000 for a married couple. Adding the above S$ 34,500 standard deduction you arrive at S$379,000 before any tax liability accrues.

Most people itemize deductions and if the US person has children, they can claim the child tax credit of US$ 2,000 per child. A Tax credit is different than tax deduction because its a direct offset of tax liability. Furthermore, if the US person has no tax liability and has children, the IRS will pay the US Person US$ 1400 per child, as a refund.

The US tax system is complicated, but the actual rates of taxation is fair after everything is tabulated. The paperwork is a nightmare.

excellent. amazing you can keep this straight. the paperwork is a nightmare.

 

[syed putra]

45% tax?! Does it come with free medical and education? lol

Yes. If you are apprehended. They will mend you after a torturous session.

 

[syed putra]

Is this the most highest taxation rate in world? 45% sound high

Maybe xi wants all chinese to return. Nuke everything outside of ch8na.