Chinese tax authorities have begun levying a 20 percent personal income tax on proceeds from overseas insurance policies in Hong Kong held by Chinese residents in Beijing and Hangzhou in recent days, following the launch of new tax rules on Chinese citizens’ overseas wealth. Analysts told The Epoch Times that the Chinese regime is targeting overseas assets to deal with its financial difficulties, leading to an exodus of affluent Chinese.
Beijing and Hangzhou authorities have already imposed a 20 percent tax on dividend and interest income from Hong Kong insurance policies held by Chinese citizens, according to a report by major Chinese state-censored financial media outlet Caixin on Aug. 5. …
China Taxes Offshore Trusts as Beijing Targets Overseas Wealth; Analysts Say It’s Leading to Exodus of Rich Chinese
