In brief

• The Chinese tax authorities are urging taxpayers nationwide to voluntarily self-assess and declare any unreported offshore income earned between 2022 and 2024. The offshore income includes, but is not limited to, employment compensation, investment gains, rental income, and proceeds from share transfers.
• Employers and employees are expected to review their records, identify any discrepancies, and take appropriate corrective actions. As a result, the burden of proof now rests squarely on taxpayers to demonstrate full compliance.
• With the combined oversight of the international Common Reporting Standard (CRS) and China’s domestic “Golden Tax” system, this represents a critical moment for taxpayers and withholding agents to proactively address potential tax risks and reinforce cross-border mobility practices.

Please click this link to read (English or Chinese).