叶永青：股民境外赚钱应该纳税，但亏钱也应合理抵扣

Core Viewpoint - In 2025, many Chinese residents investing in Hong Kong and US stocks received notifications from local tax authorities to self-check their domestic and foreign income and timely file tax returns, highlighting the enforcement of tax regulations on overseas income [2][3] Tax Regulations on Domestic Stock Trading - Currently, China implements a tax exemption policy for domestic individual stock transfer income, meaning that profits from trading A-shares do not incur personal income tax [4][5] - The existing personal income tax law classifies individual stock transfer income as "property transfer income," subject to a 20% tax rate on profits after deducting relevant costs [4][5] - The State Council has not issued specific regulations for taxing stock transfer income since the implementation of the personal income tax law in 2019, leading to the continuation of the 1998 notice that exempts personal stock transfer income from taxation [5][6] Tax Regulations on Overseas Stock Trading - There are currently no specific exemptions for overseas stock trading, and taxation on residents' overseas stock income is legally supported but lacks established rules [7][8] - The absence of a clear mechanism for loss deduction in the personal income tax law raises concerns about tax fairness, as losses from overseas stock trading cannot be offset against gains [8][10] International Tax Practices - Many countries, including the US, Canada, Australia, and Japan, allow for the offsetting of stock trading losses against gains, reflecting a principle of tax fairness [10][11] - These countries typically permit losses to be carried forward indefinitely for offsetting future gains, although they may not allow losses to offset prior year gains [10][11] - The comparison of international practices suggests that China could benefit from adopting similar loss offset mechanisms in its tax regulations for stock trading [11]