China's Shock Therapy: A Tax Crackdown on Offshore Trusts Beijing's surprise tax move on offshore trusts has sent shockwaves through the financial world, particularly in Hong Kong and Singapore.
For decades, China's ultra rich have used these trusts to stash billions of dollars outside the country, free from scrutiny.
The new rules, issued by China's Ministry of Finance and tax authority, provide clarity on how trusts should be taxed for the first time.