BUSINESSJul 27 · 00:00 UTCSCMP WORLDZhang Shidong

China cracks down on offshore trusts with new tax rules for the wealthy

China is imposing personal-income taxes on offshore trusts owned by wealthy individuals to close a tax loophole, effective immediately. The tax applies to gains from assets like stocks and properties held in these trusts, with annual taxation on incomes generated from the trusts.

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ChinaplaceMinistry of Financeorganizationoffshore truststopicpersonal-income taxestopicWealthy Individualstopicasset valuestopicStockstopicpropertiestopic

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