BEIJING, Nov 11 (Reuters) - Chinese taxpayers have declared more than 160 billion yuan ($23.97 billion) in taxes on offshore trust income, the official Xinhua news agency reported on Wednesday, as the country tightens scrutiny of capital outflows and rule enforcement.
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In late July, Beijing set an October 22 deadline for the declaration of offshore trust income, with a tax of 20% to be imposed on related profits, triggering a scramble among wealthy Chinese individuals to report liabilities
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Authorities said Chinese tax residents must pay tax on global income, including gains from offshore trusts
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Out of the 160 billion yuan in offshore trust individual income tax already declared, more than 120 billion yuan was collected in October alone, Xinhua said, citing tax authorities
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Nationwide individual income tax revenue went up by nearly 90% in October as a result, it said
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"The transition period for the offshore-trust income tax policy has concluded smoothly, with the vast majority of taxpayers cooperating actively," authorities said, according to Xinhua
($1 = 6.6742 Chinese yuan renminbi)
Reporting by Xiuhao Chen and Ryan Woo; Editing by Thomas Derpinghaus
Source: Reuters