Beijing clarifies offshore trust tax rules, exempting Hong Kong MPF accounts

China’s finance ministry on Friday clarified the enforcement details of its offshore trust tax, officially excluding Hong Kong pension fund accounts held by mainland Chinese and providing detailed calculation methods for publicly traded Hong Kong stocks and stakes in non-listed firms. The move comes after Beijing’s trust tax circular on July 24 sparked widespread concern among wealthy Chinese families, including some who reportedly had to sell stakes in listed firms to raise cash. China’s tax...