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Chinese taxpayers have declared more than 160 billion yuan ($23.97 billion) in taxes on offshore trust income, the official Xinhua news agency reported on Wednesday, as the country tightens scrutiny of capital outflows and rule enforcement.
Chronology
China says offshore trust tax declarations top 160 billion yuan
Chinese taxpayers have declared more than 160 billion yuan ($23.97 billion) in taxes on offshore trust income, the official Xinhua news agency reported on Wednesday, as the country tightens scrutiny of capital outflows and rule enforcement.
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.
Reporting
- China says offshore trust tax declarations top 160 billion yuan
Chinese taxpayers have declared more than 160 billion yuan ($23.97 billion) in taxes on offshore trust income, the official Xinhua news agency reported on Wednesday, as the country tightens scrutiny of capital outflows and rule enforcement.
- China’s tax clampdown brings in $30 billion from offshore trusts
The collection marks Beijing’s most aggressive tax enforcement campaign in decades.
- 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.