Briefly

Chinese mainland shares close higher

Chinese mainland stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 1.02 percent to 3,940.04 points. The Shenzhen Component Index closed 1.42 percent higher at 14,311.01 points.

Offshore insurance returns taxable

Responding to media reports that Chinese mainland tax authorities had begun implementing personal income tax on returns from Hong Kong offshore insurance policies, the State Taxation Administration said Chinese taxpayers are obligated to pay taxes on their worldwide income, The Beijing News reported on Friday. Earnings from overseas insurance policies fall within the scope of taxable income. This is not a new policy, nor is it targeted specifically at Hong Kong's insurance market, so there is no need for overinterpretation, STA said.

XINHUA — CHINA DAILY