Inward investors have expressed concern about proposals that China will levy a 10% capital gains tax on profits earned by foreign investors, with no opportunity to deduct for losses. While some tax advisers welcomed the clarity, some funds may struggle to pay the higher-than-expected tax bills on gains earned over five years between 2009 and 2014.
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While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort