China enforces 20% tax on overseas investment gains for wealthy citizens.

China is enforcing a tax on overseas investment gains for its wealthy citizens, with levies reaching up to 20%. This initiative aims to boost government revenue amid economic challenges and aligns with President Xi Jinping's "common prosperity" campaign for wealth equality. The tax enforcement utilizes existing data from the Common Reporting Standard to identify potential payments, including overdue amounts.

October 15, 2024
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