PANews reported on May 17 that many individuals engaged in U.S. stock trading recently received reminders from local tax authorities, urging them to self-check for foreign income and proactively report and pay taxes. Most of the clients required to report have assets exceeding one million dollars. The local tax authorities' actions to recover taxes on foreign income have been ongoing for a year, primarily focusing on foreign investment income, such as interest and dividends. Most of the recoveries mentioned are for income from 2022 to 2024, and there have not yet been cases where the recovery period exceeds five years.
It is reported that Liang Shuang (pseudonym), a client manager serving high-net-worth clients at a financial institution in Hong Kong, confirmed with Caixin that many of his clients have already received self-inspection notices from the tax authorities, requiring them to report income and profits from foreign bank or brokerage accounts from 2022 to 2024. Most of the clients required to report have assets exceeding one million dollars, and these clients come from places such as Beijing and Shanxi.