The Ministry of Finance and the State Administration of Taxation issued the “Notice Concerning Matters Relating to Personal Income Tax on Offshore Trusts”. Among them, it is stated that when an individual puts assets into an offshore trust and obtains income through an offshore trust, it is income obtained as stipulated in section 2 of the “Personal Income Tax Law of the People's Republic of China”, and they shall declare and pay personal income tax in accordance with the provisions of this Notice. During the existence of an individual resident's offshore trust, if an individual resident becomes a non-resident individual, the balance after deducting the original value from the market value of the offshore trust property converted to a non-resident individual is taxable income. The individual resident shall file and pay personal income tax according to “interest, dividend, and dividend income income income income”; to a non-resident individual during the period from January 1 of the current year to the date of conversion to a non-resident individual and for the previous year, the individual resident shall file and pay in accordance with the provisions of this Notice.

The Ministry of Finance and the State Administration of Taxation issued the “Notice Concerning Matters Relating to Personal Income Tax on Offshore Trusts”. Among them, it is stated that when an individual puts assets into an offshore trust and obtains income through an offshore trust, it is income obtained as stipulated in section 2 of the “Personal Income Tax Law of the People's Republic of China”, and they shall declare and pay personal income tax in accordance with the provisions of this Notice. During the existence of an individual resident's offshore trust, if an individual resident becomes a non-resident individual, the balance after deducting the original value from the market value of the offshore trust property converted to a non-resident individual is taxable income. The individual resident shall file and pay personal income tax according to “interest, dividend, and dividend income income income income”; to a non-resident individual during the period from January 1 of the current year to the date of conversion to a non-resident individual and for the previous year, the individual resident shall file and pay in accordance with the provisions of this Notice.