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Q: New Tax Laws & Part Timers, what it means for you! (Also my 2 cents on the Exit ban for U.S Guys.)

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Hi Guys!

Long time no post, that means the new visa laws are working so well, not good, but wonderfully, so I haven't had to really post anything unit today.

 

So lets get on to it: New Tax Law & Part time workers on Business Visa's & Q visa's.

 

I know probably a lot of you only skimmed through the new tax law thinking to yourself, "This won't affect me, I'm on a Biz visa or Q visa." Well WRONG! Dangerously wrong.

 

If you are a freelance worker on a Biz visa or Q visa (Resident Family permit visa) then a few things can happen to you, I'll make it simple:

 

1. If you have over 5000 RMB in the bank and you DON'T have a legal working visa then your China bank will be frozen and they'll investigate how you earned anything over 5000 RMB and why it wasn't taxed. No you can't pay tax working illegally like they do in the U.S..

 

2. For all of us legal or illegally working in China that has over 5000 RMB in or transferred to you from an Alipay or Wechat scan or contact into your Wechat or Alipay Wallet will be frozen for investigation, in some cases can be unfrozen. So how do must part timers get paid? By wechat!

 

3. For legal workers, like myself I have 3 banks, if my other two banks "that are NOT my main salary account" have over 5000 in the bank, then it will be frozen for investigation. So #2 applies to us too if we worked or did extra jobs at other companies or teach outside like say at a parents house. If they transfer to us by wechat / Alipay or to other banks anything over 5000 will be frozen.

 

I use to roll my eyes at stuff like this 5 years ago, but not anymore, what they say they will do! It is what I’m seeing in real life and daily life nowadays. I laughed at the idea of AI cameras, but now they are everywhere in Shenzhen, they are round small basketball sized with a square shaped lens. (Hint: I'll be back!)

 

Now on to the Exit ban:

 

I'm an American, and yes yes, I know the level was raised to #2 but as long as you have the proper visa and have done nothing wrong than there is nothing to worry about. It's not China's style to come after us, no, they are not like this, only the stereo type media lovers make us think that they are and us low time normal everyday workers are NOT the target. So don't worry about this, we'll all be fine.

 

Happy New Years Guys. I'm still loving the new visa, its great that it lets us book train tickets and a few other features. Going to the PBS for a new visa is so easy now.  Love the ABC Card!

23 weeks 4 days ago in  Visa & Legalities - China

 
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It’s 50,000 RMB, not 5000! Lots of crappy rumors circulating st the moment. 

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23 weeks 4 days ago
 
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Bump. Sorry for the mess above, just scroll till you see where I started my post.

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23 weeks 4 days ago
 
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In an earlier post it was hypothesised that only half the foreign teachers had legal work visas. I guess this new tax law will ensure that those without the proper paperwork won't be here for much longer. Afterall; why would a person continue to work for free. I can see a couple of things happening. If schools really want a foreign teacher, will they pay more. And what about the recruiting companies that make a profit sending FTs to schools. Life continues to get interesting

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23 weeks 4 days ago
 
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It’s 50,000 RMB, not 5000! Lots of crappy rumors circulating st the moment. 

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23 weeks 4 days ago
 
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It seems some stuff will add to your tax allowance. For example , up to 5k I think on mortgage interest and 2k if you have a pensioner in your house.

Education is also covered in tax relief that can be claimed.

I see this new law as a way to get ppl to pay tax.

Beacause if tax payers can claim tax relief, just wait til they all start demanding tax fapio. Companies will need to register to pay tax. Same with landlords, english schools etc.

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23 weeks 3 days ago
 
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Update, I went the BOC today (The Bank Of China). They know me very well as I buy dollars all the time for sending home to pay bills, My friend cathy works there and speak perfect english, i sat for 40 minutes and I can confirm that this is NOT a rumor. If this isn't my salary account and I have over 5000 I gotta have proof that I paid taxes on it.

You guys can walk into your China bank too and ask yourself.

 

Again this isn't a rumor.

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23 weeks 1 day ago
 
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Ok all, I was mixing up reports. The 50,000 (50K) I’d read about was related to WeChat & Alipay transfers. 

 

 

https://mp.weixin.qq.com/s/TRXeMpjSqmxjFjtvH0l7hg

 

 

 

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23 weeks 1 day ago
 
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Would leaving China with a wad of cash be a problem? Cheaper that way for me to leave with my cash then using a ATM card in my country to empty my Chinese account.  

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23 weeks 17 hours ago
 
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I dont have a bank account,give my money to my wife,she saves and pays the bills.

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22 weeks 6 days ago
 
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I want you to put on your calendars that first news on tax changes in China came out of my library ... i.e. you'll pay ...! 

 

China's Uber Wealthy Are Preparing For $24 Trillion Tax Raid

 

People like to complain that China has abandoned its Communist values in favor of state-directed capitalism. But in at least one way, the rulers of the world's second-largest economy are adhering to the prescriptions of Karl Marx - with a burdensome progressive income tax.

 

     

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    22 weeks 5 days ago
     
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