Beijing is said to move to clarify tax rules stoking confusion among China's ultra-wealthy

A growing appreciation of family-oriented leisure pastimes and rapidly increasing prosperity are driving demand for vessels from dinghies to yachts. Nelson Ching | Bloomberg | Getty ImagesBeijing is moving to clarify new tax rules on offshore trusts that have sowed confusion among wealthy Chinese citizens and their advisers. China's State Taxation Administration is conducting large-scale training for local tax officers to align on how the levy on offshore trusts – some of them set up decades ago – should be applied, according to several onshore and offshore tax lawyers. The tax agency has also sent out draft guidelines to onshore law and accounting firms, and plans consultation sessions with lawyers in the coming weeks, according to multiple lawyers and advisors who didn't want to be named discussing sensitive policy matters. Some of those people expect more draft guidance to follow, with the documents eventually made public. The STA has been conducting internal trainings at the provincial, municipal and county level to align interpretation across local tax offices, said Windson Li, co-head of tax for Asia at DLA Piper. The Chinese Embassy in Singapore, and tax bureaus in Beijing, ...