China

China Firms Nervous As Beijing Tax Chiefs Turn To AI: SCMP

Asian currencies were knocked lower on Wednesday by US inflation data which helped the dollar stay firm. File photo: AFP.

Beijing’s vow to clamp down on tax evasion in 2022 and tighten scrutiny is worrying small firms and the wealthy as the authorities gear up to introduce a powerful new tax surveillance system that some have likened to a “giant X-ray machine.”

Capable of hoovering up huge amounts of personal and financial data, the Golden Tax IV system will connect company data, as well information from owners, executives, banks and various market regulators for tax authorities to scrutinise. Full story: South China Morning Post

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.