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Netizens applaud US taxation plans amid concerns about corruption in China

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US Treasury is stepping up efforts to curtail tax evasion through FATCA. Picture: SCMP Photo
A new US taxation act should be the newest addition to China’s anti-graft tool kit – at least according to many Chinese netizens.
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The blog post – entitled America joins China’s anti-corruption campaign – was celebrated with almost 25,000 re-posts on China’s Sina Weibo, China's twitter-like service, where netizens passionately discussed the implications for corrupt officials with families holding green cards.

The post began: “the US is taxing nationals or green-card holders on their assets around the world.”

It continued, “handsome rewards will be given to those who report on the family assets of green-card holding Chinese officials.”

“The US welcome information from Chinese nationals – US Treasury will pay informants 15-30 per cent of tax revenue and keep their identities confidential.”

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The post ended with a telephone hotline for the US Internal Revenue Service Office in Beijing.

The speculation stemmed from last month’s adjustments to the Foreign Account Tax Compliance Act (FATCA), an effort by the US Department of Treasury to curtail tax evasion through the avenues of foreign financial assets and offshore accounts.
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