Beijing: (RightNow) China announces a 20% tax on funds transferred abroad by its citizens. This announcement comes from the Chinese Ministry of Finance and tax authorities.

Authorities have given citizens a 90-day period to disclose tax details and make payments. The tax will include assets in offshore trusts transferred since 2023.

The Chinese Ministry states the aim is to monitor and ensure transparency of funds moved abroad. Additionally, strict action will be taken against those violating tax laws.

This decision follows the large-scale transfer of assets by wealthy Chinese individuals to Hong Kong and Singapore, causing financial losses to China.

It is noteworthy that billions of dollars in assets have been transferred out of China, prompting this measure for monitoring and control.