Cash-strapped China targets offshore wealth with new tax
Cash-strapped China has introduced a 20 percent tax on dividends and interest from offshore trusts held by its millionaires and billionaires. Wealthy individuals have until Thursday to make initial payments after a 90-day transition period, as Beijing seeks to tap hundreds of billions of dollars in overseas wealth amid a property crisis and local government revenue shortages.
Pidgin: Cash-strapped China don bring new 20 percent tax on dividend and interest wey dem dey get from offshore trusts wey im millionaires and billionaires dey hold. Di rich people get until dis Thursday to pay first money after 90-day transition period, as Beijing dey try take hundreds of billions of dollars overseas wealth amid property crisis and local government revenue shortage.
How this affects you: Chinese millionaires and billionaires with offshore trusts
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