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China’s Tax Clampdown Brings in $24 Billion from Offshore Trusts
Bloomberg(subscription required) ·
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.
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- Bloomberg(subscription required)China’s Tax Clampdown Brings in $24 Billion from Offshore TrustsChina’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.