The State Taxation Administration has issued a reminder notice regarding tax filing for offshore trusts.

The reporter learned from the State Taxation Administration on October 19 that the administration's website issued a notice that day reminding relevant taxpayers to promptly review their offshore trust arrangements, declare and pay taxes in accordance with the law during the transition period, and avoid late payment surcharges and other related risks. According to the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts issued by the Ministry of Finance and the State Taxation Administration on July 24, taxpayers with offshore trusts are required to declare and pay individual income tax on offshore trust income. The announcement granted taxpayers a 90-day transition period, during which those who complete declaration and tax payment will not be charged late payment surcharges. The notice clarified that tax authorities will provide taxpayers with detailed tax guidance and tax services to help taxpayers fulfill their tax obligations in accordance with the law and safeguard their own rights and interests.