China's wealthy brace for tax raid

Pedro Gonçalves
clock • 2 min read

China's individual income tax reforms, which came into effect on 1 January, are expected to have wider implications abroad as a more stringent definition of «resident» is being used, and more scrutiny is placed on high-income groups, Bloomberg reports. In a nation where personal wealth is estimated to have climbed to a record $24trn in 2018 -- $1trn of which is held abroad -- that potentially offers a tax raid on a wealthy piles. Anxiety over how the new rules will be enforced has already ...

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