China's tightening the tax net around its HNIs. Beijing levied a 20% I-T from offshore trusts in July, as well as on gains on assets moved into them, with a 90-day window to settle unpaid dues dating back to 2023. Tax offices in Beijing and Hangzhou have also begun taxing returns on offshore insurance policies. These aren't necessarily new taxes but stricter enforcement of existing taxes. Some also believe Beijing may introduce inheritance taxes.
Developing economies often look to the US and China for cues on taxation, infra spending and policy. India, for one, must steer clear of emulating such tax policies.
