China’s tax authority issues final call for wealthy citizens to declare offshore trust gains

China’s tax authorities have issued a final call for high-net-worth individuals to disclose their overseas trust gains, a move analysts believe will further raise concerns in Hong Kong and other overseas tax havens used by wealthy Chinese. “We remind relevant taxpayers to promptly review their offshore trust arrangements,” the State Taxation Administration said on its website on Monday, three days ahead of the 90-day grace period set to expire on October 22. “To avoid late payment penalties and...