Article source: PA Frontline
PANews reported on May 17, according to Caixin, that many individuals engaged in U.S. stock trading have recently received reminders from local tax authorities, requesting them to self-examine whether they have overseas income and to voluntarily declare and pay taxes. Most of the clients being asked to declare have assets exceeding one million dollars. The local tax authorities' actions to recover taxes on overseas income have been ongoing for a year, primarily focusing on income from overseas investments, such as interest and dividends. Most of the recoveries mentioned are for income earned 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 to Caixin that many of his clients have already received self-examination notices from the tax authorities, requesting them to declare income and profits from overseas bank or brokerage accounts from 2022 to 2024. Most of the clients being asked to declare have assets exceeding one million dollars, and these clients are from Beijing, Shanxi, and other regions.
