Strengthen the supervision of personal overseas income, and pay taxes on overseas stock trading income

According to an article published in the Financial Times, it is understood that some taxpayers have recently received a notice from the tax department, telling them that they need to apply for overseas income declaration according to law and pay corresponding taxes. "According to the personal income tax law of our country, personal stock transaction income is income from property transfer, and a tax rate of 20% should be applied. Among them, personal income from stock transactions in the domestic secondary market is temporarily exempt from personal income tax; there is no tax exemption for direct overseas stock transactions, and tax needs to be declared in the following year of income." Zhang Wei, dean of the School of Taxation of Jilin University of Finance and Economics, explained. In order to collect more reasonably, the tax department of our country allows taxpayers to offset profits and losses according to the tax year, but not across the year. Paying taxes according to law is the obligation of every citizen. If an individual fails to declare or truthfully declare overseas income, in addition to being required by the tax authority to pay back the tax, he will also be charged a late fee. If the situation is serious, he may also be filed for inspection by the audit department and will face tax penalties. If a taxpayer finds that he has underreported or missed overseas income when he previously declared personal tax, he should make corrections in a timely manner.