China Tax Bureau Urges High-Net-Worth Individuals to Declare Offshore Trust Income as 90-Day Grace Period Expires on October 22

The State Taxation Administration on Monday reminded relevant taxpayers on its official website to review their offshore trust arrangements as soon as possible to avoid penalties for late payment, with the 90-day grace period due to expire on October 22. Analysts believe the move will bring further attention to Hong Kong and other offshore tax havens used by wealthy Chinese.