First fines assessed for hiding income

The Shunyi District Taxation Bureau in Beijing has fined 24 people whose annual income in 2006 was over RMB120,000 (US$16,000), but failed to file their taxes, Economic Observer reported (in Chinese). The 24 were the first to be punished under new rules by the central government requiring that citizens whose annual income exceeds the US$16,000 threshold declare their income from the previous year before March 31.