Chinese Regime Targets Wealthy Citizens With 20 Percent Tax on Overseas Income

An aggressive campaign to collect back taxes on foreign income is being enforced in Guangdong and Zhejiang provinces.

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.