China Curbs Dollar Outflow
People who wish to send more than 30-thousand dollars from China to Korea are required to submit proof of paid income taxes to Chinese authorities.
Reportedly, China's foreign exchange and tax authorities have instructed banks to require tax proof be attached to overseas remittances of over 30-thousand dollars from China.
The measures are believed to be Beijing's efforts to curb dollar outflow from the country.
Remittances must include tax proof of any income earned from services, imports, labor, stock dividends, interest, and sales of stocks or real estate property.
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