Caixin: The action to recover taxes on overseas income has been ongoing for one year

Odaily Planet Daily News: Recently, many people engaged in US stock trading have received reminders from local tax departments to self check whether they have overseas income and actively declare and pay taxes. Most of the clients who are required to declare have funds exceeding one million US dollars. The action of local tax authorities to recover taxes on overseas income has been ongoing for a year, and the recovered items mainly focus on investment income from overseas, such as interest and dividends. Most of the recovered income in the example is from 2022 to 2024, and there have been no cases where the recovery period exceeds five years. It is reported that Liang Shuang (pseudonym), a customer manager serving high net worth clients at a financial institution in Hong Kong, confirmed to Caixin that many of his clients have received self inspection notices from the tax department, requiring them to declare income and profits in overseas bank or securities accounts from 2022 to 2024. Most of the clients who are required to declare have funds exceeding one million US dollars, and they come from Beijing, Shanxi and other places. (Caixin Network)