China Strengthens Oversight on Overseas Income Tax Compliance

According to Foresight News, the State Administration of Taxation in China is intensifying efforts to educate residents about tax compliance on overseas income. Since last year, taxpayers have been advised to conduct self-assessments on income earned abroad from 2022 to 2024. Under tax laws, if taxpayers fail to declare or miscalculate their taxes, authorities can recover unpaid taxes and late fees within three years. In cases of tax evasion, legal action will be taken. Paying personal income tax on both domestic and international earnings is a standard international practice that helps prevent cross-border tax evasion and protects national tax interests. The tax department emphasizes that paying taxes is a civic duty, and individuals who have not declared their overseas income as required should promptly correct their filings.