2018/10/10: Tax schemes: Easy evasion for Trump? | Tax quake jolts Chinese entertainment industry

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Published on 11 Oct 2018, 4:57
The New York Times recently reported that US President Donald Trump and his family engaged in legally dubious business practices and criminal tax schemes back in the 1990s. The president’s parents reportedly transferred 1 billion US dollars to their children, producing a tax bill of at least 55 million dollars under the 55 percent tax rate on gifts and inheritance, but using a variety of tax evasion methods, the Trumps paid only about 5 percent tax instead. So what has been the fallout from the NYT report? Will it have a detrimental effect on the Trump presidency?

After Chinese actress Fan Bingbing’s public apology for her tax evasion, China’s tax authorities have begun asking stars to come clean about their recent tax status. December 31 is the deadline for companies and individuals in the entertainment industry to voluntarily declare and pay previously evaded taxes from 2016 to now. How will the campaign shape the direction of the Chinese entertainment industry?

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