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A Chinese yuan currency sign with two arrows through it, pictured outside a bank branch in Shanghai, China, in a file photo. Johannes Eisele/AFP/Getty Images
Since the start of July, China’s ruling Chinese Communist Party (CCP) launched a campaign requiring high net worth Chinese pay a retroactive 20 percent tax on foreign income dating back to 2020, according to insiders.
Those who fail to comply risk late payment penalties and administrative fines.
