China's Rich Can Run From the Taxman, But Hiding Is Harder
- A billionaire is minted in China every few days, UBS says
- Common Reporting Standard making it harder to shelter assets
Fan Bingbing
Photographer: Vittorio Zunino Celotto/Getty ImagesThis article is for subscribers only.
At home and abroad, wealthy Chinese are facing myriad new tax rules as Beijing ratchets up the pressure on tax dodgers.
State media are filled with articles trumpeting the revision of the tax code and government efforts to name and shame offenders. Familiar faces have already been caught in the clampdown. China’s highest-paid movie star, Fan Bingbing, was ordered to pay more than $100 million in back taxes and fines in October after a months-long tax probe, sending a deep chill through the domestic film industry.