Financial Times: Income from overseas stock trading must be declared and taxed, and profits and losses within the year can be deducted

PANews reported on August 4th that according to the Financial Times, recently Chinese tax authorities have notified taxpayers to legally declare and pay taxes on overseas income. Personal overseas stock trading income will be taxed at a 20% personal income tax rate, which needs to be declared in the following year. Tax authorities allow taxpayers to offset profits and losses within the same year, but do not support cross-year offsetting. Those who do not report accurately will be required to pay back taxes and late fees, with serious cases facing penalties. Tax authorities are strengthening overseas income supervision through means such as CRS.