China's ultra rich in shock after a surprise tax bill; 20% tax on offshore assets since 2023
- Offshore trusts have long been used by China’s ultra-rich to tuck away their money outside the country.
- But Beijing's new tax law mandates offshore trusts be taxed at 20%.
- The Chinese Ministry of Finance recently issued the tax rules requiring declarations on assets transferred since January 2023.
- “This is a watershed moment for China-linked private wealth planning,” a Singapore-based lawyer said.
Source: cnbc.com
Get 100 stories a day on the app
Read, watch & listen · Free on iOS & Android
