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Report Says Mainland China Sets Up Dedicated Task Forces to Track and Strengthen Tax Collection From Wealthy Individuals
2026-09-28 18:06:30 According to Bloomberg, tax authorities across China are stepping up tax collection efforts targeting the wealthiest individuals and the largest enterprises. Authorities have revised rules governing offshore trusts, launched the largest tax recovery campaign against domestic enterprises in years, and turned attention to the wealth of Mainland Chinese residents in Hong Kong alone, estimated at more than USD17 trillion. According to sources familiar with the matter, authorities have also formed a series of special task forces dedicated to tracking wealthy individuals and collecting taxes from them, with some teams reportedly focusing on a single billionaire. The move is intended to counter the large number of lawyers, tax advisers and consultants hired by China's ultra-rich to reduce tax burdens. Sources said the teams comprise local officials, tax audit specialists and even regulators. (ha/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |