The Communist Party of China Targets Wealth Rankings for Tax Collection: How Mainland China's Super Rich Are Responding
In recent years, local governments in China have been under increasing fiscal pressure due to persistently weak domestic demand and broader economic imbalances. The Central Committee of the Communist Party has been promoting the 'common prosperity' policy, and the implementation of the global automatic exchange of tax information on financial accounts (CRS) has resulted in unprecedented levels of tax audits and enforcement aimed at high-net-worth individuals (the super-rich)....