China moves to tax ultra-rich for overseas investment gains

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Tax authorities summoned wealthy individuals in rare request.

Some wealthy individuals in major Chinese cities were told in recent months to conduct self-assessments or summoned by tax authorities for meetings.- China has begun enforcing a long-overlooked tax on overseas investment gains by the country’s ultra-rich, according to people familiar with the matter.

The individuals contacted are facing up to 20 per cent levies on investment gains, and some are also subject to penalties on overdue payments, said the people, adding that the final amount is negotiable. “China already has a treasure trove of CRS data which the tax authorities could readily mine to uncover collection opportunities,” said Patrick Yip, Deloitte China’s vice chair. “The potential for individual tax audits, relative to enterprise tax audits, would be on the rise.”

 

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