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Prudential slides after report on China offshore insurance tax | live
Aug 5 (Reuters) - Shares in Prudential fell more than 10% on Wednesday after Caixin reported that Chinese mainland tax authorities have started levying personal income tax on returns from offshore insurance policies. According to the report, authorities in Beijing and Hangzhou had already enforced the measures, applying a 20% tax rate to returns from Hong Kong policies. Other Asia-focused financial stocks were also under pressure with HSBC falling 5.5% and Standard Chartered down over 4%.
Aug 5 (Reuters) - Shares in Prudential fell more than 10% on Wednesday after Caixin reported that Chinese mainland tax authorities have started levying personal income tax on returns from offshore insurance policies. According to the report, authorities in Beijing and Hangzhou had already enforced the measures, applying a 20% tax rate to returns from Hong Kong policies. Other Asia-focused financial stocks were also under pressure with HSBC falling 5.5% and Standard Chartered down over 4%.
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