China starts sharing income data to end global tax loopholes

Bloomberg

In a move aimed at cutting tax evasion, China will start exchanging information on residents’ financial investments with about 100 other countries from this month.
The information exchange will give tax officials a better view of Chinese residents’ overseas financial investments and earnings. The change is part of the Common Reporting Standard, a global agreement on sharing tax data backed by the Organisation for Economic Cooperation and Development.
Policy makers in Beijing are working to reform the income tax system, which puts more of a burden on wage earners than those with investment income that is harder to track. China also recently revised its personal income tax code, making foreigners who reside in the country for at least 183 days a year liable for tax on both onshore and offshore income.