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Q: The Wechat tax records. Every payment recorded?
Everyone is using wechat pay now.
Shops, wetmarkets, bars, street food vendors, drivers, probably even beggers.
As I have mentioned here before, tencent are in a position now where they can advise starbucks on where to open a shop. Thats simple stuff. And it's worth money.
But tencent also knows how much every person spends, it knows where they spend it, and it knows where the spent money comes from.
A tax collectors dream.
Is a tax clampdown in the making?
5 years 40 weeks ago in Money & Banking - China
I remember Mr Ma said "wechat won't share any user data with rhe government" a few months ago when Facebook got caught out selling user data. I think we can trust him on his word ;-/
ScotsAlan:
Totaly. Without shame. We trust you Jak... ha ha ha ha. We are on the same page.
Chinese will round you all up ... the tax avoiders. They'll round you up, if you'll cross the road out of pedestrian ... so, collecting all tax won't be that big problem, either.
Now, Blockchain has bright future in avoiding Gov. on the whole planet.
Whoo-hoo, Santa ... !
I remember Mr Ma said "wechat won't share any user data with rhe government" a few months ago when Facebook got caught out selling user data. I think we can trust him on his word ;-/
ScotsAlan:
Totaly. Without shame. We trust you Jak... ha ha ha ha. We are on the same page.
Think about it for a second.
If tencent discloses payment information to tax authorities, they just destroyed their own viability, and their niche will be filled by whichever payment app markets itself on its encryption and safeguarding. People will use other apps immediately.
Add to that, I doubt the tax authority in China has the administrative ability to process all that metadata . But the mere suggestion of it is enough to fuel mass paranoia.
The tax office is like the police. You don't want them observing you constantly, evaluating your every move in day to day life. Even if you're not a criminal, the fines for minor transgressions can add up quickly.
Even the government knows to keep its tax authorities somewhat removed from daily life, because mass panic doesn't serve anyone.
hi2u:
Jack Ma owns alipay not wechat. As I understand it all Alipay transactions go through your linked bank account. But Wechat pay is a top up model. You transfer your bank money to your wechat, then funds are deducted from your wechat separately.
iWolf:
@ hi2u It's a different Mr Ma.......Ma Huateng who own Tencent/wechat.
hi2u:
@iwolf: Doesn't change the fact that Jack Ma owns alipay. I only mentioned that because he was originally the person in question, although now I see that coin replaced Jack Ma with Tencent in his answer.
Maybe wechat doesn't actively report your transactions, but I'm sure they're required to keep the data somewhere in case the government needs to investigate someone.
yes, when tariffs don't support government revenues and spending anymore and all these people think it's cool to screw the government out of taxes. The new China confiscation authority is going to have proof to clean everybody's bank account since they control most of the banks the phone service also. China requires source code and encryption to be stored with the government, now you know why, China is like I always said, a pyramid mafia and now they can squeeze when they need it, George Orwell would be so proud.
ambivalentmace:
I do agree with coin, they have the evidence, but can they competently figure it what to do with it, unless they copy the IRS software, which they may already have, implementing might take a decade. When I am talking to a banker in his office at a big four bank and they still use windows xp, I sort of have some doubts.
