This article presents a full picture of the TCI case, a case trialed at Chinese courts for China taxing a non-resident transferring shares of a non-Chinese resident enterprise outside of China. The article examines the “reasonable business purpose” test applied to this case under Chinese GAAR and describes the impact of the BEPS Project on this case. The author holds the opinion that the TCI case has significantly influenced China’s legislation and administration on taxing offshore indirect shares transfers.