Strengthen supervision of personal overseas income, and income from buying and selling stocks abroad must also be taxed.

[Strengthen Regulation of Personal Overseas Income, Overseas Stock Trading Income is Also Taxable] According to an article published in the Financial Times, it has been learned that recently some taxpayers received notifications from the tax authorities informing them that they need to declare overseas income and pay the corresponding taxes in accordance with the law. "According to our personal income tax law, income from personal stock trading is classified as income from property transfer and is subject to a tax rate of 20% on a per-transaction basis. Among them, income from stock trading in the domestic Secondary Market is temporarily exempt from personal income tax; however, there are no tax exemption provisions for income obtained from stock trading conducted overseas, and it needs to be declared and taxed in the year following the income acquisition," explained Zhang Wei, Dean of the School of Taxation at Jilin University of Finance and Economics. In order to collect taxes more reasonably, our tax authorities allow taxpayers to offset profits and losses for the tax year during tax administration, but cross-year offsets are not permitted. Paying taxes in accordance with the law is an obligation that every citizen should fulfill. If individuals fail to declare or do not truthfully declare their overseas income, in addition to being required by tax authorities to make up for unpaid taxes, they will also incur late fees, and in severe cases, may face investigation by auditing departments, leading to tax penalties. If taxpayers find that they previously underreported or failed to report overseas income when declaring their individual income tax, they should promptly correct it.