Friday, April 12, 2019

Chinese tycoon’s son buys $3.8m Bugatti - complains of taxes

The son of a Chinese tycoon bought a C$5.1m (US$3.8m) custom Bugatti in Vancouver with his father’s Union Pay credit card, according to a picture of the invoice he posted on Instagram to complain about Canadian taxes. Ding Chen published a copy of the bill bearing his father Chen Mailin’s name on his Instagram posts, with a message overlaid in Chinese: “These taxes … my heart feels tired”.

The 5% federal GST added C$210,404 with provincial taxes adding C$697,939.
The bill includes a 1.7 per cent Union Pay fee. Chen’s Instagram account was closed or locked down around an hour after a story was published.

China’s Union Pay credit cards have been the subject of increasing scrutiny as a conduit for money out of the country. China has an annual cash export limit of US$50,000, and Union Pay says it enforces an annual overseas cash withdrawal limit of 100,000 yuan (US$14,880).

Ding Chen in a selfie
The address of his home on Vancouver’s Drummond Drive was whited-out but is still readable. The address is that of a palatial home purchased by Chen Mailin in 2015 for C$51.8m.
Mailin is a former member of the Chinese People’s Political Consultative Conference, China’s legislative advisory body. According to a corporate disclosure last year Chen Mailin is a permanent Canadian resident.
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