Chinese Tax Authority Reminds Taxpayers to Conduct Self-inspection on Overseas Income in the Past Three Years

BlockBeats News, January 16th, according to Xinhua News Agency, it was learned from relevant departments of the Chinese State Taxation Administration that the tax authorities continue to strengthen publicity and guidance on the taxation of residents' individual overseas income. Since last year, they have reminded taxpayers to voluntarily review the income obtained from overseas from 2022 to 2024. In accordance with the provisions of laws and regulations such as the Tax Collection and Administration Law, if a taxpayer fails to declare taxes or underpays due to not filing a tax return or miscalculation, the tax authorities can recover the underpaid taxes and impose late payment fees within three years; if it constitutes tax evasion, legal actions will be taken. Residents are required to pay personal income tax on income obtained domestically and abroad in accordance with the law, which is an internationally accepted practice that helps prevent cross-border tax evasion and safeguard national tax rights.

The Chinese tax authorities remind that paying taxes in accordance with the law is the duty of every citizen. If taxpayers discover that they have not previously declared their overseas income as required, they should make corrections promptly in accordance with the law.