Beijing says 20% offshore insurance tax not new – and does not target Hong Kong

China’s State Taxation Administration (STA) on Friday clarified that the 20 per cent personal income tax imposed on gains from offshore insurance policies was not a new policy – and was not specifically targeting the Hong Kong insurance industry. The STA urged the market not to overreact to the policy, according to an unnamed official quoted by Shanghai-based digital media outlet The Paper on Friday. The comments came a day after the share prices of several major Hong Kong-listed financial firms...