Chinese tax authorities have moved into overdrive by deploying dedicated investigation teams with some specialized units assigned to scrutinize a single billionaire and to counter sophisticated legal and advisory structures. Regulators have overhauled rules governing offshore family trusts and overseas insurance, treating cross-border transfers and foreign asset gains as taxable events subject to a 20% levy. The aggressive revenue drive comes as local governments face severe budget strains caused by the prolonged property downturn, with annual land-sale revenues dropping to less than a third of former $1.1 plus trillion peaks.

Full report : China’s Tax Crackdown Squeezes Billionaires Harder Than Ever.