China’s Tax Clampdown Brings in $24 Billion from Offshore Trusts

China collected more than 160 billion yuan, approximately $24 billion, in back taxes from offshore trusts following a government initiative that encouraged declarations. The Chinese government has been expanding tax enforcement to include assets held abroad. The exact mechanism used to encourage these declarations and the timeframe were not specified in available reports.

• Bloomberg — China’s Tax Clampdown Brings in $24 Billion from Offshore Trusts

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