End of Transition Period for Offshore Trust Income Taxation: Cumulative Declarations Exceed 160 Billion Yuan
The State Taxation Administration announced on November 11 that the 90-day transition period for taxing offshore trust income has ended smoothly, with cumulative individual income tax declarations exceeding 160 billion yuan. In October alone, over 120 billion yuan was collected, driving a nearly 90% month-on-month increase in national individual income tax revenue. The announcement stipulated that no late payment penalties would be imposed for declarations and payments completed during the…
Transition Period for Taxation of Offshore Trust Income Ends, with Cumulative Declarations Exceeding 160 Billion Yuan
The State Taxation Administration announced on November 11 that the 90-day transition period for taxing offshore trust income has concluded smoothly. Cumulative individual income tax declarations have surpassed 160 billion yuan, with over 120 billion yuan collected in October alone. This drove a nearly 90% increase in national individual income tax revenue for October.
On July 24, 2026, the Ministry of Finance and the State Taxation Administration issued a notice stipulating that no late payment penalties would be imposed for tax declarations and payments completed within the 90-day transition period. Tax authorities stated that they will next urge those who have not voluntarily declared or have made inaccurate declarations to pay back taxes and will impose late payment penalties. For those who still fail to rectify the situation, investigations will be initiated in accordance with the law.