China's State Taxation Administration said on Nov 11 the transition period for taxing offshore trust income has ended smoothly and most taxpayers cooperated. Cumulative individual income tax declarations tied to offshore trusts exceed 160 bln yuan, with over 120 bln yuan recorded in October, lifting nationwide October individual income tax receipts by nearly 90%.

2026-11-11

China's State Taxation Administration said on Nov 11 the transition period for taxing offshore trust income has ended smoothly and most taxpayers cooperated. Cumulative individual income tax declarations tied to offshore trusts exceed 160 bln yuan, with over 120 bln yuan recorded in October, lifting nationwide October individual income tax receipts by nearly 90%.