Beijing Tax Clampdown Nets Over $24 Billion Of Offshore Wealth – Media

Editorial Staff

12 November 2026

China’s ultra-wealthy have reportedly declared more than RMB160 billion ($24 billion) in back taxes tied to offshore trusts, highlighting Beijing’s pressure to enforce its tax regime internationally.

The October receipts fuelled an almost 90 per cent surge in national personal income tax revenue for the month, according to the official Xinhua News Agency, which said that most taxpayers cooperated proactively. A version of this report was given by the Straits Times of Singapore, citing a Bloomberg article.)

The authorities collected over RMB120 billion of the haul in October, with some of the declared amount still to be paid.

The collection marks Beijing’s most aggressive tax enforcement campaign in decades as the authorities move to shore up state coffers by targeting the nation’s wealthiest people.

High net worth individuals were given until late October to pay bills on their overseas trusts without facing extra charges.

The clampdown poses a challenge for centres such as Hong Kong, which has overtaken Switzerland as the world’s largest cross-border financial centre.

In July, China said it would formally tax offshore trusts set up by its citizens, closing a loophole long used by business dynasties for asset protection and succession planning. (See a report about how Hong Kong continues to set the boundaries of its tax system.)