Mainland Tax Authorities Step Up Supervision of Offshore Trust Reporting
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Tax bureaux in multiple parts of China have stepped up supervision after the 90-day grace period for offshore trust reporting expired last Thursday. Beijing tax authorities issued notices on their official website that day to 21 individuals, requiring them to submit tax documents related to offshore trusts to promote voluntary tax disclosure. The report did not mention specific actions or follow-up arrangements in other regions.
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- 南華早報·商業China Tax Authorities Issue Disclosure Orders After Offshore Trust Reporting Grace Period Ends
Tax bureaus in multiple parts of China have stepped up supervision after the 90-day grace period for offshore trust reporting expired last Thursday, with Beijing tax authorities issuing notices on their official website that day to 21 individuals requiring them to submit tax documents related to offshore trusts, in a push for voluntary tax disclosure.
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