China warns of ‘severe’ punishment for offshore trust tax evaders

Detailed summary

Beijing in October collected more than 120 billion yuan ($26.3 billion) in personal income tax from offshore trusts owned by Chinese residents.

Shanghai | China has vowed harsh consequences for tax evaders as revenue netted from personal income tax nearly doubled and authorities tightened scrutiny over the trillions of dollars stashed overseas by the country’s wealthy.

Beijing in October collected more than 120 billion yuan ($26.3 billion) in personal income tax from offshore trusts owned by Chinese residents, contributing to a 90 per cent year-on-year increase in individual tax revenue, according to the State Taxation Administration.

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