China's Tax Agency Urges Offshore Trust Filings Before Oct. 22

China's State Taxation Administration has urged taxpayers with offshore trusts to file and pay personal income tax on trust income before Oct. 22, when a 90-day transition period ends for certain cross-border arrangements. Taxpayers who complete both steps within the period avoid late-payment charges. The reminder follows rules issued July 24 by China's Ministry of Finance and tax administration covering trusts formed under foreign law and certain arrangements with similar functions. For offshore trusts funded by Chinese tax residents, taxable income includes earnings that remain in the trust rather than being distributed.

Source: TokenPost