On September 24, 2021, Mr. Ren Zhengyongfrom the Investment and Tax Department of Wang Jing & GH Law Firm wasinvited to an online broadcast to discuss with Guangzhou Rural Commercial Bankthe topic of "Tax Risks and Responses of Wealth Inheritance forHigh-Net-Worth Individuals."
Mr. Ren Zhengyong firstly introduced thelegal system changes, such as the revision of the Tax Collection andAdministration Law, the implementation of CRS, and the revision of the PersonalTax Law. Secondly, attorney Ren presented the technical measures of tax collectionand its administration, such as the Tax Collection and Administration Systemfor Natural Persons and the General Plan for the Construction of PersonalIncome and Property Information System, revealing the transitional changes ofthe tax collection and its administration mode in Mainland China.
Then, by means of a legal analysis and theanalysis of tax audit cases and judicial precedents, Mr. Ren made everyonefully aware of the traditional tax-avoidance behaviors such as purchasinginvoices into the accounts, internal and external double sets of accounts,yin-yang contracts, tax depressions, and flexible employment platforms, whichhave huge tax-related risks under the new tax collection and management model.Furthermore, Mr. Ren made everyone understand that tax-related violationsinevitably face serious consequences such as paying back taxes, fines, andcriminal penalties.
Mr. Ren Zhengyong, with his rich practicalexperience, solid professional skills, and detailed practical cases, cleared upthe doubts and difficulties for the public, and he was well received by clientsand listeners. Wang Jing & GH will continue to work hard to provide betterlegal services to our clients.
