China’s Wealthy Rush to Unwind Offshore Trusts Amid Tax Deadline

Some of China’s wealthiest individuals are taking swift actions to address tax liabilities related to offshore trusts ahead of a looming deadline to declare overseas income. Beijing’s increased focus on capital outflows and tax compliance, driven by fiscal pressures and economic imbalances, has prompted this rush, reports Reuters. Tax authorities are targeting wealthy individuals with offshore assets, with some local governments forming specialized teams for tax collection. Chinese company founders listed in Hong Kong and the US face significant impact due to shares sold through offshore trusts. The tax liabilities could run into millions or even billions of yuan, warns…