Business & Finance
China’s Tax Clampdown Brings in $24 Billion from Offshore Trusts
Key Points
Wealth China’s Tax Clampdown Brings in $24 Billion from Offshore Trusts China’s ultra-wealthy have declared more than 160 billion yuan ($24 billion) in back taxes tied to offshore trusts, bowing to pressure from authorities increasingly eager to expand the tax dragnet far beyond their national borders. The October receipts fueled an almost 90% surge in national personal income tax revenue for the month, according to the official Xinhua News Agency, which said the vast majority of taxpayers...
Wealth
China’s Tax Clampdown Brings in $24 Billion from Offshore Trusts
China’s ultra-wealthy have declared more than 160 billion yuan ($24 billion) in back taxes tied to offshore trusts, bowing to pressure from authorities increasingly eager to expand the tax dragnet far beyond their national borders.
The October receipts fueled an almost 90% surge in national personal income tax revenue for the month, according to the official Xinhua News Agency, which said the vast majority of taxpayers cooperated proactively. Authorities collected over 120 billion yuan ($18 billion) of the haul in October, with some of the declared amount still to be paid.