Shocked! The overseas doors for hiding wealth belonging to Chinese tycoons have been blocked! 🧐
According to a Reuters report, China’s tax authorities will, starting this Friday, levy personal income tax on assets held in offshore trusts and on the income generated from them, for “interest, dividends, and dividend/bonus income,” or “other income,” at a 20% personal income tax rate.
Previously, many of China’s top billionaires transferred equity, real estate, or cash assets overseas to offshore jurisdictions such as the Cayman Islands, BVI, and Jersey, and set up irrevocable offshore trust
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