Caixin: The tax collection campaign against overseas income has lasted for a year

Recently, many people engaged in US stock trading have received reminders from local tax authorities, requiring them to self-check whether they have overseas income and actively declare and pay taxes. Most of the customers who are required to declare have funds exceeding one million US dollars. The local tax authorities have been collecting taxes on overseas income for a year, and the items being recovered are mainly concentrated on overseas investment income, such as interest and dividends. Most of the cases are recovered from 2022 to 2024, and no cases have been seen with a collection period of more than five years. It is reported that Liang Shuang (pseudonym), an account manager serving high-net-worth clients at a financial institution in Hong Kong, confirmed to Caixin that many of his clients have received self-examination notices from the tax department, requiring them to declare income and profits in overseas bank or brokerage accounts from 2022 to 2024. Most of the clients who are required to declare have funds exceeding one million US dollars. These clients are from Beijing, Shanxi and other places. (Caixin.com)