China steps up tax collection push, targets mega rich in sign of fiscal worry

China is getting serious about its global tax hunt, asking citizens to retroactively cough up billions of dollars of unpaid bills on their overseas investments gains. This aggressive stance has sent shockwaves through major wealth management hubs from Zurich to New York.

Beijing has stepped up efforts on offshore trusts, clamping down on a structure the country’s mega-rich used to invest billions abroad.