China’s Tax Offices Issue Disclosure Orders as Offshore Asset Grace Period Ends

China’s tax bureaus issue disclosure orders amid offshore asset ultimatum

Local tax bureaus across China are continuing to step up oversight following the expiration of the country’s grace period for the reporting of offshore trusts last Thursday, part of an ongoing push to spur voluntary tax disclosures. Municipal tax authorities in Beijing published notices for 21 individuals on the official website last Thursday – the expiry date of the 90-day grace period – ordering them to submit tax documentation linked to offsh…

China’s tax offices issue disclosure orders as offshore asset grace period ends

Local tax bureaus across China are continuing to step up oversight following the expiration of the country’s grace period for the reporting of offshore trusts last Thursday, part of an ongoing push to spur voluntary tax disclosures. Municipal tax authorities in Beijing published notices for 21…

China’s 20% Offshore Trust Tax Puts$140 Billion in Holdings Under Scrutiny

The October 22 deadline has prompted back-tax payments and asset sales, raising liquidity concerns and potential pressure on individual Chinese stocks.China’s enforcement of a 20% tax on qualifying offshore trust gains and income is pressuring wealthy investors to settle historical liabilities, with some selling assets to raise cash following the expiry of an October 22 […]