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《Financial Times》: Taxation Required for Overseas Stock Trading Income, Strengthening Oversight of Individuals' Foreign Income
BlockBeats News, August 4th, according to a Financial Times article, recently some taxpayers received a tax authority notification informing them that they need to legally report overseas income and pay the corresponding taxes. "According to our country's individual income tax law, individual stock trading income is considered capital gains income, and should be taxed at a 20% rate on a transaction basis.
Specifically, individuals' stock trading income on the domestic secondary market is temporarily exempt from individual income tax; there is no tax exemption provision for stock trading income conducted directly overseas, and it needs to be reported and taxed the following year when the income is obtained," explained Zhang Wei, Dean of the Taxation College of Jilin University of Finance and Economics.
Zhang Wei further explained, "In order to collect taxes more reasonably, our country's tax authorities allow taxpayers to offset gains and losses by tax year but do not allow offsetting across years."
Legally paying taxes is the duty of every citizen. Individuals who do not report or truthfully report overseas income may not only be required by the tax authorities to make up the tax shortfall but also may be subject to late payment fines. In serious cases, they may even be investigated by the inspection department and face tax penalties. If taxpayers discover that they have underreported or omitted reporting overseas income when filing their individual income tax in the past, they should make corrections promptly." (Jinshi)
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