Tokyo | China is seeking to boost tax revenue by cracking down on overseas investment gains by the ultra-wealthy, but experts say it risks further damaging business confidence as the world’s second-largest economy struggles to reach its growth target.
Some wealthy individuals in major Chinese cities are facing tax bills of up to 20 per cent on their overseas investment gains, Bloomberg reported on Tuesday, as authorities begin enforcing long-overlooked rules on foreign investments.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
