China warns 'severe punishment' for offshore trust tax evaders as PIT revenue surges 90%

China's tax authority has issued a warning of 'severe punishment' for individuals using offshore trusts to evade personal income tax, coinciding with a 90% jump in PIT revenue. This signals intensified enforcement against wealthy taxpayers, likely targeting offshore structures. The move reflects Beijing's broader push to tighten fiscal oversight and combat capital flight, with implications for wealth management and cross-border financial flows.

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