A revised tax code that saw rich Chinese rushing to shelter trillions of assets and income in overseas trusts is hitting the news again.
The new rule - intended to lower the burden on the poor and the middle class by making the rich pay more - took effect in 2019. Chinese citizens have been obliged to pay taxes on their global income for many years. But for those working abroad, it hadn’t been generally enforced. In January this year, Chinese authorities issued instructions on how to comply with the tax law while abroad -- a move that caught many Chinese expats off guard.
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