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China's Ministry of Finance introduces new personal-income taxes on offshore trusts to increase fiscal revenue.

China's Ministry of Finance announced a new tax rule targeting offshore trusts owned by wealthy individuals to close existing loopholes and boost fiscal revenue. The policy aims to address the fiscal burdens caused by slowing economic growth. Effective immediately, the tax will be levied on gains made from asset values, such as stocks and properties, after they have been placed into trusts. The Ministry of Finance stated that incomes generated from these trusts will be taxed annually. This move is designed to plug a loophole previously leveraged by rich mainland families to avoid taxation, ensuring a more equitable distribution of the tax burden across the wealthy.

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