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> I know the governments in India/China/US don’t like black money. for 99% Chinese, as of writing, the Chinese government doesn't care what they are doing when
by dis-sys 8y ago
> I know the governments in India/China/US don’t like black money.
for 99% Chinese, as of writing, the Chinese government doesn't care what they are doing when it comes to personal tax. the fundamental difference here is that 90% of the tax collected by the Chinese governments are from companies, personal tax including those doing family business only counts for a very small %. that is the exact reason why small business vendors all started accepting mobile payment - they know full well that there is no tax risk for doing that.
things only become different when you are the big fish in the pond - if you only have a few million $ worth of black money, the safest place to keep it is your local branch of the biggest state owned bank.
- Loughla 8y agoThat just seems so arbitrary and dangerous. SO there is no risk right now. But what happens if I make the wrong person mad? Now there's a trail of cash that I haven't paid tax on, and they've got me. It just seems like a way to bake possible governmental control into an uncontrollable system like black money.
- dis-sys 8y ago> But what happens if I make the wrong person mad? Now there's a trail of cash that I haven't paid tax on, and they've got me. always pay your tax OR be nice. both are actually easy!
- Loughla 8y ago>that is the exact reason why small business vendors all started accepting mobile payment - they know full well that there is no tax risk for doing that. Your statement. I understand that to avoid getting caught for breaking the law, don't break the law. But this conversation was in the context of black markets and their 'no risk' existence at the good graces of the Chinese government. What you call 'no risk' is actually just hard-coded blackmail from the government, I believe.