China says offshore trust tax declarations top 160 billion yuan

Chinese taxpayers have declared more than 160 billion yuan (US$23.97 billion) in taxes on offshore trust income, the official Xinhua news agency reported on Wednesday, as the country tightens scrutiny of capital outflows and rule enforcement.

• In late July, Beijing set an October 22 deadline for the declaration of offshore trust income, with a ⁠tax of 20 percent to be imposed on related profits, triggering a scramble among wealthy Chinese individuals to report liabilities
• Authorities said Chinese tax residents must pay tax on global income, including gains from offshore trusts
• Out of the 160 billion yuan in offshore trust individual income tax already declared, more than 120 billion yuan was collected in October alone, Xinhua said, citing tax authorities
• Nationwide individual income tax revenue went up by nearly 90 percent in October as a result, it said
• "The transition period for the offshore-trust income tax policy has concluded smoothly, with the vast majority of taxpayers cooperating actively," authorities said, according to Xinhua

Reuters

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