Financial Times: Income from overseas stock trading must be declared and taxed, and profits and losses within the year can be deducted

Chinese tax authorities have advised taxpayers to declare and pay taxes on their overseas income in accordance with the law. Individual income from overseas stock transactions is subject to a 20% personal income tax rate and must be reported in the following year. Taxpayers are permitted to offset profits and losses within a given year, but not across years. Failure to report truthfully will result in the requirement to pay back taxes and late payment fees, and serious violations may result in penalties. Tax authorities are strengthening oversight of overseas income through measures such as the CRS.