(Corrects Aug 20 story in paragraph 5 to remove erroneous reference to Julius Baer)
By Summer Zhen, Selena Li and Xinghui Kok
HONG KONG/SINGAPORE, Aug 20 (Reuters) - A growing campaign to tax offshore wealth is forcing wealthy Chinese people to rethink their trust structures and investment holdings, lawyers and advisers say, as Beijing sharpens its focus on capital outflows and rule enforcement amid growing fiscal strains.
In late July, authorities overhauled rules to impose a 20% income tax on offshore trusts, while tax offices in major cities like Beijing and Hangzhou have started to enforce taxation on returns from offshore insurance policies.
Those measures have triggered a scramble among some wealthy individuals to ***** s their liabilities, raise cash to meet them and revamp investment holdings. They have also fuelled concern that Beijing may widen its tax crackdown and scrutiny of offshore wealth.
#wealth #wealthy #investment
By Summer Zhen, Selena Li and Xinghui Kok
HONG KONG/SINGAPORE, Aug 20 (Reuters) - A growing campaign to tax offshore wealth is forcing wealthy Chinese people to rethink their trust structures and investment holdings, lawyers and advisers say, as Beijing sharpens its focus on capital outflows and rule enforcement amid growing fiscal strains.
In late July, authorities overhauled rules to impose a 20% income tax on offshore trusts, while tax offices in major cities like Beijing and Hangzhou have started to enforce taxation on returns from offshore insurance policies.
Those measures have triggered a scramble among some wealthy individuals to ***** s their liabilities, raise cash to meet them and revamp investment holdings. They have also fuelled concern that Beijing may widen its tax crackdown and scrutiny of offshore wealth.
#wealth #wealthy #investment
2 months ago
