Financial Times: Overseas stock trading income must be declared and taxed, and profits and losses within the year can be deducted

According to the Financial Times, the Chinese tax authorities have recently notified taxpayers to declare overseas income and pay taxes in accordance with the law. Individual overseas stock exchanges may levy personal income tax at a rate of 20% and must declare it in the following year. The tax department allows taxpayers to offset their annual profits and losses, but does not support cross year deductions. Failure to truthfully declare will result in being required to pay taxes and late fees, and those with serious circumstances will face punishment. The tax authorities strengthen the supervision of overseas income through means such as CRS.