Tax Authority Issues Reminder on Offshore Trust Tax Filing

According to the State Administration of Taxation, its website released a notice today urging relevant taxpayers to promptly review their offshore trust situations and file tax returns in compliance with the law during the transition period to avoid late fees and other related risks. In accordance with the Announcement on Certain Issues Concerning Individual Income Tax for Offshore Trusts issued by the Ministry of Finance and the State Administration of Taxation on July 24, offshore trust taxpayers are required to declare and pay individual income tax on offshore trust earnings. The announcement grants taxpayers a 90-day transition period to complete declaration and payment before October 22 without incurring late fees. This notice clarifies that tax authorities will provide detailed tax guidance and service assistance to help taxpayers fulfill their tax obligations legally and safeguard their rights and interests. (Xinhua News Agency)