Since the start of July, China’s ruling Chinese Communist Party (CCP) launched a campaign requiring high net worth Chinese pay a retroactive 20 percent tax on foreign income dating back to 2020, according to insiders.
Those who fail to comply risk late payment penalties and administrative fines.
The policy comes amid mounting economic pressure and is widely seen by insiders as part of Beijing’s effort to restrict capital outflows and shore up domestic finances.
Strict and Retroactive Enforcement
At the start of the month, the Chinese regime’s provincial tax bureaus issued notices to corporate executives, financial professionals, and private individuals with overseas holdings, instructing them to declare their foreign income accumulated over the past five years, insiders said….
Chinese Regime Targets Wealthy Citizens With 20 Percent Tax on Overseas Income
