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.
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.
This article was originally published by
Bloomberg Markets
and is republished here under license.
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