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The new rules apply a tax of 20 per cent on the appreciation in value at the time of a transfer of shares, property or other assets into offshore trusts.
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Summary
The Common Reporting Standard, implemented in 2017, gave Chinese authorities greater visibility into offshore financial accounts. Unpaid taxes on assets placed in trusts since January 2023 and on trust income received before 2026 must be reported within 90 days. “For those preparing for a listing, they are considering unwinding trusts,” said Shanghai-based Luo, who provides cross-border tax advice to clients.
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The Common Reporting Standard, implemented in 2017, gave Chinese authorities greater visibility into offshore financial accounts.
according to The Straits Times - AsiaUnpaid taxes on assets placed in trusts since January 2023 and on trust income received before 2026 must be reported within 90 days. “For those preparing for a listing, they are considering unwinding trusts,” said Shanghai-based Luo, who provides cross-border tax advice to clients.
according to The Straits Times - Asia
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