On September 28, Bloomberg reported that Chinese tax authorities have formed special task forces to track and tax wealthy individuals. Some task forces specifically target a single billionaire, while some wealthy individuals have threatened to move their factories to reduce tax bills from hundreds of millions of yuan to 5 million yuan.
Chronicle entry
Chinese tax authorities form special task forces to track taxation of wealthy individuals
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Controlling shareholder of Guangzhou company threatens to move factory to cut 100 million RMB tax bill to 5 million RMB
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Ministry of Finance and State Taxation Administration Announce New Rules on Tax Clearance for Offshore Trusts
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