Wang Yongqing once deposited 40 billion in a Swiss bank, but now his children can’t withdraw it, and he has to pay 30 billion in inheritance tax
Wang Yongqing was once a giant in China's oil industry and was known as the "Oil King". His personal wealth once reached tens of billions of dollars, and he was named one of the richest people in China by Forbes magazine. However, since his death in 2008, his large estate has plagued the family, not least when it comes to estate taxes.
According to reports, Wang Yongqing deposited a huge amount of wealth in Swiss banks during his lifetime, of which about US$40 billion in assets were kept in Swiss banks. However, Wang Yongqing's children are unable to take out these assets now, because the tax agreement between China and Switzerland stipulates that assets in Switzerland held by residents in China should pay inheritance tax according to the Swiss inheritance tax standard.
In addition, according to reports, Wang Yongqing's family still needs to pay an inheritance tax of about 30 billion yuan, which is an unbearable figure for some people.
The issue of Wang Yongqing's inheritance has always attracted much attention. In 2019, his children made a request to withdraw money from his Swiss bank account to pay inheritance tax, but the request was rejected. At the time, the Swiss government said they could not hand over the assets to Wang Yongqing's family without the approval of the Chinese government.
It is worth mentioning that the Chinese government has been actively promoting wealth surveys and inheritance tax legislation. In 2016, the State Council of China issued the "Opinions on Accelerating the Establishment and Improvement of the Inheritance Tax System", indicating that the inheritance tax system will be implemented before 2020. However, so far, China's inheritance tax legislation has not been realized.
The experience of the Wang Yongqing family reminds us that for the rich, the issue of inheritance tax is an important issue. Without proper financial planning and asset management, substantial assets can be lost. Additionally, for governments, estate taxes are an important source of tax revenue and a way of promoting a fair distribution of wealth. Therefore, the government should actively promote inheritance tax legislation to ensure the rational distribution of assets and promote social fairness and stable development.
Wang Yongqing, this name may not be familiar to most people, but the company he created has deeply affected our lives. This is the well-known "Yonghe King" fast food chain. However, Wang Yongqing's death and the wealth he left have aroused widespread concern and heated discussions. According to media reports, Wang Yongqing once deposited a huge wealth of 40 billion yuan in a Swiss bank, but his children were unable to withdraw this money because they needed to pay 30 billion yuan in inheritance tax.
Such news is hard to understand for ordinary people like us. We tend to think that the life of rich people is carefree, they can spend money freely and enjoy a luxurious life. However, the reality is not the same. As this example shows, even a person of great wealth is not completely free from all kinds of troubles and troubles in life.
So, what does Wang Yongqing's case tell us? Perhaps the most important of these is that money does not bring absolute happiness and satisfaction. Of course, this does not mean that money is not important, but to realize that money is only a part of life, we need to maintain the pursuit of other values, such as health, family, friendship, love, etc., while pursuing wealth.
In addition, the case of Wang Yongqing also reminds us that while managing wealth, we need to pay attention to avoiding inheritance disputes. This is also a question that each of us needs to think about when planning wealth. We not only need to make plans for our own future, but also need to consider the future of our family and children, so as to avoid disputes and conflicts caused by inheritance issues.
In addition, the case of Wang Yongqing also reminds us to pay attention to tax issues. Taxation is an important source of fiscal revenue for the country, and every citizen is obliged to pay taxes according to law. Therefore, while planning wealth, we also need to understand and abide by tax laws and regulations, and avoid unnecessary troubles and losses caused by tax issues as much as possible.
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