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recently, news about “third-party payment of personal transactions over rmb 30,000, transfer of more than rmb 200,000 or being monitored” has been circulating on the internet. is this news true?

© image | gov.cn

 

according to the notice from the central bank, actually it means that large and abnormal transactions in personal/company accounts will be subject to central bank monitoring and management. 

 

among them, not only the bank account income and expenditure, online bank revenue and expenditure records, but also the records of non-bank payment institutions such as alipay and wechat payment. 

the following situations 

are large transactions

1

cash receipts and payments on a single or cumulative transaction amount of rmb 50,000 or more and foreign currency equivalent of usd 10,000 or more.

2

payments for non-natural person clients’ payment accounts and other accounts on the date of single or cumulative transaction amount of rmb 2 million or more and foreign currency equivalents of usd 200,000 or more.

3

transfer of domestic funds by natural person clients’ payment accounts and other accounts on the date of single or cumulative transaction amount of rmb 500,000 or more and foreign currency equivalent of usd 100,000 or more.

4

cross-border payment of single or cumulative transaction amount of rmb 200,000 or more  and foreign currency equivalent of us$10,000 or more on the date of the payment of the natural person’s client’s payment account and other bank accounts.

© image | 新浪财经

the reporting obligations of large-value transactions are performed by financial institutions, companies and individuals do not need to perform additional reporting procedures.

what is the purpose of doing this?

 

the official notice pointed out that this is to further improve the working mechanism of large-value transactions and suspicious transaction reporting, and improve the effectiveness of fund monitoring.

© image | 新浪财经

some analysts also admit that these regulations are mainly to prevent money laundering and illegal financing, so there is no impact on ordinary users and non-bank payment institutions. the most affected are criminals who use third-party payment agencies to conduct money laundering.

alipay makes an explanation via weibo

 

“this document is aimed at anti-money laundering. if the cash transaction exceeds rmb 50,000 in one day, it must be reported (alipay has no cash transactions). it need be reported afterwards if the transaction is particularly large, rmb 500,000/day. this has been implemented in the banking system for many years.”

© image | zdnet

 

therefore, whether it is a third-party payment institution such as alipay or wechat payment, or has already implemented the prescribed banks, insurance companies and brokerages, etc., submitting large-value transaction reports according to regulations will not have an impact on conduct business, investment, personal consumption and other activities.

suspicious transactions 

should be avoided

 

individual

(1) in the short term, the funds are diversified, transferred, or transferred in a concentrated manner;

(2) frequent fund collection and payment within the short term of the same payer;

(3) the long-term idle account is suddenly activated, and a large amount of funds are received and paid in a short period of time;

(4) the amount, frequency and use of cash access are obviously inconsistent with normal cash receipts and payments;

(5) the settlement of personal bank account accumulates more than 1 million yuan in cash in a short period of time;

(6) frequent account opening and cancellation, and always a large amount of funds will be collected and paid before the account closed;

(7) try to evade monitoring of large-value payment transactions;

(8) other suspicious payment transactions as prescribed by the people’s bank of china;

(9) other suspicious payment transactions that the financial institution has determined to be considered. note: in practice, financial institutions judge according to their own specified conditions or standards.

enterprise

(1) the frequency and amount of funds received and paid are obviously inconsistent with the scale of business operations;

(2) the flow of funds receipt and payment is obviously inconsistent with the business scope of the enterprise;

(3) the daily collection and payment of the enterprise is obviously inconsistent with the characteristics of the business operation;

(4) the cyclical occurrence of large amounts of funds received and paid is obviously inconsistent with the nature of the enterprise and the characteristics of the business;

(5) frequently collect personal remittances from individuals that are not significantly related to their business operations in the short term;

(6) the business dealings with customers in areas with serious drug trafficking, smuggling and terrorist activities have increased significantly, and funds are frequently paid in the short term.

chinese car-sharing companies, which allow consumers to rent vehicles for a short period, are facing cash-flow pressure as income trails the high cost of fleet operation and maintenance.

© image | ic

 

failure to return individual

 deposits of 1,500 yuan

 

among them, beijing-based togo is facing a crisis amid consumer complaints about the company’s failure to return individual deposits of 1,500 yuan (us$218).

togo’s problems happened not long after beijing-based bike-sharing company ofo ran into similar problems. it’s said to owe deposit refunds to more than 10 million users and also hasn’t paid many of its suppliers.

car and bike sharing firms were the darling of investors and users when they started a few years back. they were seen filling a gap by providing cheaper, convenient mobility in a way helped ease traffic congestion and pollution.

the concept drew hundreds of companies into the sharing sector, creating competition that weaker players couldn’t withstand. simply put, there were road bumps to the fast, prolific growth of companies wanting a piece of the action.

“most of companies in car-sharing are losing money, not just the startups,” said zhang xiaofeng, an independent market analyst. “many big companies haven’t made profits yet. there are many reasons, including high parking fees for shared cars, especially for core areas in big cities, labor costs, high maintenance fees and too many discount coupons to attract new users.”

togo, founded in july 2015, provided mercedes-benz smart and roewe e550 cars in beijing, shanghai, guangzhou and other cities. the company said it has nearly 10,000 shared cars in china.

users of car-sharing programs check the availability of vehicles through mobile apps. once a car is selected, it can be unlocked via smartphone. payment is made online. but they have to pay a deposit of 1,500 yuan before renting a car on the togo platform and are told it takes more than 20 days to get the money refunded.

last week, togo users queued outside the company’s headquarters in beijing to demand their money back.

© image | ic

a beijing resident surnamed wang said he began using togo in august and applied for a refund of his deposit in early november. he’s still waiting. wang said he repeatedly phoned the company but has yet to see the refund. 

after registering at togo’s beijing headquarters, wang was told he wouldn’t get his money until late march.

on its official social media account, togo pledged to give timely updates on the refund process. it also said it will try to speed up payments and urged users to be patient.

not the first time car-sharing operators

 have run into problems.

beijing-based operator ezzy suspended service in october 2017, leaving users clamoring to get their deposits back. local media reported the company was unable to get a new round of funding and suffered from low operational efficiency.

last march, beijing car-sharing company uu cars ceased operation when investment funds it was earlier pledged didn’t materialize on schedule.

industry analysts said that a sector that once looked so promising is falling into the slow lane.

© image | ic

there are already more than 300 car-sharing operators in china and the sector is expected to grow more than 50 percent a year over the next five years, according to an study by pwc’s strategy&.

the number of shared cars in china, which totaled about 30,000 at the beginning of 2016, is expected to reach 170,000 by 2020, the consulting firm said.

still, car-sharing operators need to address the high cost of operation. at present, each car is running at a loss of 50 yuan to 120 yuan a day, pwc’s strategy& said.

analyst zhang said the frequency of consumers driving shared cars is a major headache in the sector.

people tend to use cars in peak commute times, leaving the cars idle for the rest of the day. the utilization rate is just not enough to cover costs.

“car-sharing companies can’t make profits if only one or two people use their shared cars,” zhang said. “the utilization rate is important, and for now, most of the companies are struggling to increase that rate as well as market share.”

the online trademark service system was launched online, online application, online publication, online announcement and online payment. the trademark registration certificate publicizes six functions in one, which can provide a full range of full-process services for the public. 

just scan the qr code on the trademark registration certificate, you can enter the trademark registration certificate publicity system to check its content and effectiveness.

on november 26, 2018, the state intellectual property office held a comprehensive online launching ceremony for the trademark online service system at the china trademark building.

according to the notice from the state intellectual property office (mainland china), from december 2018, the paper version of the trademark registration certificate will no longer be printed. the trademark applicants please know about this new rule!

#reference for the new and old trademark certificate:

old version of 

paper trademark certificate

new version of 

electronic trademark certificate

electronic trademark 

registration certificate

the state intellectual property office continued to promote the reform of trademark registration facilitation, aiming at 

• realizing trademark registration facilitation, 

• improving trademark informatization level, 

• improving trademark review mechanism, 

• simplifying procedures optimization process, 

• expanding trademark application channels as means to effectively deal with trademark registration in china. 

with the rapid growth of applications, the review cycle will be further shortened to meet the needs of entrepreneurial innovation and further optimize the business environment.

on november 27, 2018, the trademark online service system was fully operational. applicants can directly handle 24 trademark transactions including madrid international registration through the login system, and receive all 112 trademark documents including trademark electronic registration certificates.

recently, the newly revised “regulations of the p.r.c on the implementation of the individual income tax law” has been confirmed and made public, among which there are clear provisions on the tax of foreigners who do not have a fixed residence in china. the new policy will come into effect on january 1, 2019.

© image | dfic

how to avoid paying 

individual income tax in china?

according to article 4 of the new regulation,

• if an individual who has no domicile in china and has resided in china for a total of 183 days for an annual period of not more than six consecutive years, the income derived from outside china and paid by entities or individuals outside china can be exempted from individual income tax.

• if the foreign individual leaves china for more than 30 days consecutive a year, the period of continuous residence of more than 183 days in china will be counted anew.

© image | google

how to pay less tax in china?

on december 13, 2018, the “interim measures for special deduction of personal income tax” was finally confirmed. the new regulations will be also implemented on january 1, 2019. unlike the “implementation of the individual income tax law”, the deduction for individual taxes is mainly for the middle class with wages and salaries as the main source of income.

you can click on the link below to know about the previous draft

what has changed in the final implementation? mainly reflected in the following points:

• children’s education

• it is clarified that the education of children must be full-time education;

• the overseas education section has been added and the requirements for overseas education certification materials have been requested (receipt notices for overseas schools, study visas, etc.);

© image | 视觉中国

 

• continuing education

• increased degree education, such as on-the-job graduate students;

• the deduction period for continuing education of the same academic qualification (degree) shall not exceed 48 months;

• continuing education can only be in mainland china;

• serious illness

• the deduction limit was increased from 60,000 to 80,000;

• to increase the deduction range, the spouse may be deducted in addition to taxpayer, and the medical expenses of the minor children may be deducted by the parent;

• home loan interest

• increase the interest deduction for a maximum period of no more than 240 months;

• if you buy a house separately before marriage, you can choose one of them to be 100% deducted by the purchaser after the marriage, or you can deduct the 50% of the deduction standard by the husband and wife respectively.

• housing rent

• the deduction standard was raised from 800 yuan, 1,000 yuan, and 1,200 yuan to 800 yuan, 1,100 yuan and 1,500 yuan respectively;

at the actual operation level, when the first tax deduction is deducted, the individual needs to fill in the “special deduction information sheet for personal income tax” and submit it to the employed unit. this table only needs to be submitted once, unless the individual situation changes.

“special deduction information sheet for personal income tax”

 

the above table clearly states the relevant information that individual taxpayers need to deduct for the six additional deductions.

tap to zoom in 

 

the final draft of the special tax deduction method has increased the deduction limit, expanded the deduction range, made more people benefit, received more tax relief, and the working people benefit the most.