Policy & Legal Updates
China Enforces 20 Percent Tax on Offshore Trusts and Wealth Assets
Chinese authorities have intensified tax enforcement against wealthy individuals and offshore assets, levying a 20 percent tax on offshore trust gains and income. Taxpayers have been given a 90-day window ending October 22 to declare and settle liabilities dating back to January 2023. The drive follows declining local land-sale revenue and uses Common Reporting Standard information sharing.
