Tax body encourages residents to report overseas income

China's tax authorities have stepped up efforts to encourage residents to report overseas income, with continued guidance and reminders for taxpayers to review their foreign earnings from 2022 to 2024.

According to the State Taxation Administration, tax officials have intensified awareness campaigns, urging residents to conduct self-assessments of their overseas income.

The move aims to ensure compliance with the country's tax regulations and bolster efforts to close loopholes in cross-border tax evasion.

Under China's tax laws, individuals who fail to file tax returns or make incorrect calculations on foreign income may face tax reassessments, along with penalties for late payment, within a three-year period.

The administration emphasized that paying taxes is a civic duty, and residents who have previously failed to report foreign earnings are urged to make corrective filings without delay.