BEIJING, Sept. 13 (UPI) -- Forbes magazine may have blown the whistle on China's tycoons, as only 13 of 200 named as the nation's wealthiest magnates were found to be paying their taxes.
A survey by the State Administration of Taxation and China Tax Magazine found only 13 of the 200 people named by Forbes were paying taxes commensurate with their wealth as listed in the magazine.
"A reasonable assumption among the ordinary public is that tax evasion by the wealthy is rampant in China, ranging from private enterprise owners to wealthy pop stars who may not be paying the state what they truly earn," the state-owned China Daily said Tuesday.
Chinese Academy of Social Sciences expert Gao Peiyong said the national tax system needed revamping, especially as it allowed people to hide wealth by investing it in property.
There is no property tax in China, where land is still officially owned by the state.
