China Launches Global Tax Enforcement Drive Targeting Overseas Assets

China is starting a new global tax push. It targets citizens with money and property abroad. Tax agents will check records from up to 25 years ago. This includes asset gains, foreign insurance payouts, and trusts.

China will charge a 20 percent tax on foreign trust gains. Tax agents can ask banks to freeze accounts for unpaid taxes. Accounts will stay frozen until you settle all old tax debt.

This push affects Chinese residents in Copenhagen. Many workers, students, and business owners hold assets overseas. Denmark taxes local residents on all global income. Denmark and China have a treaty to avoid paying tax twice. Still, you must report foreign assets to both tax offices. Gaps between Danish and Chinese tax filings can cause local checks.

Chinese living in Copenhagen should check their global assets now. Make sure your tax filings in Denmark match your Chinese records. Speak with a tax expert if you hold offshore trusts or accounts.