China reportedly says offshore trust tax declarations top 160 billion yuan
FXI•Chinese taxpayers have declared more than 160 billion yuan ($23.97 billion) in taxes on offshore trust income, with more than 120 billion yuan collected in October.
1. Tax declarations and collections
Chinese taxpayers have declared more than 160 billion yuan in taxes on offshore trust income, and authorities collected more than 120 billion yuan in October alone. Nationwide individual income tax revenue rose nearly 90% in October as a result.
2. Deadline and policy
In late July, Beijing set an October 22 deadline for declaring offshore trust income, with a 20% tax on related profits. Authorities said Chinese tax residents must pay tax on global income, including gains from offshore trusts, and that the policy’s transition period concluded smoothly, with the vast majority of taxpayers cooperating actively.
