China Authorities Issued Concerns of Banks Using Live-Streaming Platforms to Sell Financial Products Offering Low-Interest Rate Loan or Interest Rate Waiver, Banks Doing Live-Streaming Includes China CITIC Bank, Bank of Ningbo, Ant Group MYbank & Tencent WeBank
14th July 2023 | Hong Kong
China authorities had issued concerns of banks using live-streaming platforms to sell financial product promoting low interest rate loan or interest rate waiver, with banks using live-streaming includes China CITIC Bank, Bank of Ningbo, Ant Group MYbank & Tencent WeBank. The notice was issued by China regulator on 4th July 2023. In 2021, China top internet celebrity Huang Wei, popularly known as Viya, has been fined $210 million for tax evasion by China Zhejiang Provincial Tax Service. Between 2019 to 2020, Huang Wei had filed her livestream sales commission instead as revenue from business partnership, concealed and failed to report income from other businesses. In total, Huang Wei had avoided paying $100 million of tax and underpaid $9.4 million of tax. In China, the penalty rate for tax evasion is 60% to 400% of the tax amount. Huang Wei social media accounts with over 110 million followers had also been shut down.
“ China Authorities Issued Concerns of Banks Using Live-Streaming Platforms to Sell Financial Products Offering Low-Interest Rate Loan or Interest Rate Waiver, Banks Doing Live-Streaming Includes China CITIC Bank, Bank of Ningbo, Ant Group MYbank & Tencent WeBank “
China Top Internet Celebrity Huang Wei Fined $210 Million for Tax Evasion
24th December 2021 – China top internet celebrity Huang Wei, popularly known as Viya, has been fined $210 million for tax evasion by China Zhejiang Provincial Tax Service. Between 2019 to 2020, Huang Wei had filed her livestream sales commission instead as revenue from business partnership, concealed and failed to report income from other businesses. In total, Huang Wei had avoided paying $100 million of tax and underpaid $9.4 million of tax. In China, the penalty rate for tax evasion is 60% to 400% of the tax amount. Huang Wei social media accounts with over 110 million followers had also been shut down. Huang Wei (Viya) was one of China’s top internet celebrity and also known as the “Queen of Livestreaming”, do livestreams on Taobao Live to sell various products. In 2021, she sold over $1.3 billion of inventory on Singles’ Day on the 11th of November 2021.
Huang Wei – $1.3 Billion of Sales in a Day
Huang Wei (Viya) is one of China’s top internet celebrity and also known as the “Queen of Livestreaming”, do livestreams on Taobao Live to sell various products. In 2021, she sold over $1.3 billion of inventory on Singles’ Day on the 11th of November 2021.
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