炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：杜涛 今年以来，北京、上海、浙江、广东、江苏等地税务部门通过短信、电话和个税APP等多种方式，向通 过富途、老虎等境外券商开户投资港股、美股的中国税收居民发送通知，要求补办2022至2024年境外股 票交易收益的申报手续。 封图：图虫创意 境外收入加强征管 个税高增长的关键支撑之一，来自税收征管体系的持续完善与信息报送机制的全面落地——以往游离在 监管之外的税源，正逐步被纳入统计范畴。 2025年1—10月，全国个人所得税收入达 13363亿元，同比增长11.5%，增速较一季度的7.1%、上半年的 8%、前三季度的9.7%逐步走高；10月单月增速更是跳升至27.3%，成为财政收入中的亮眼增长点。 同样作为主要税收收入的国内增值税同比增长4%；国内消费税14390亿元，同比增长2.4%；企业所得税 39182亿元，同比增长1.9%。 山东大学税务研究中心主任李华对经济观察报表示："2025年个税高增长并非偶然，而是征管效能提升 与经济税源多元化共同作用的必然结果，折射出我国税收治理能力的显著进步。" 她说，这一持续高增态势背后，是税 ...

Group 1: Tax Revenue Growth - Personal income tax revenue in China reached 13,363 billion yuan from January to October 2025, showing a year-on-year growth of 11.5%, with October's growth rate jumping to 27.3% [2] - The increase in personal income tax is attributed to improved tax administration efficiency and diversification of tax sources, reflecting significant progress in tax governance capabilities [3][5] - The growth in personal income tax revenue is closely linked to enhanced tax collection efforts, particularly regarding overseas income [8] Group 2: Overseas Income Tax Compliance - Tax authorities in major cities have been actively notifying Chinese tax residents who invest in overseas stocks through platforms like Futu and Tiger Brokers to complete their tax declaration for overseas stock trading gains from 2022 to 2024 [1][5] - The implementation of the "Golden Tax Phase IV" has improved the monitoring of cross-border income and enhanced the identification of hidden income among high-net-worth individuals [5][6] - This year marks the first large-scale collection of overseas income tax from Chinese tax residents, utilizing tools like the Common Reporting Standard (CRS) for information exchange [7][8] Group 3: Factors Supporting Tax Revenue Growth - The active capital market has significantly contributed to the increase in capital income, which is a key driver of personal income tax growth [10][11] - High-income groups have shown resilience in their income, with substantial growth in stock option income and performance bonuses among professionals, further supporting tax revenue [11] - Economic recovery and low base effects from the previous year have amplified the growth rate of personal income tax [11]

在全球化税务监管的浪潮下，CRS（共同申报准则） 已从行业术语变为悬在每一位跨境电商老板头上 的达摩克利斯之剑。继银行账户严查之后，CRS 的正式施行，标志着跨境电商"野蛮生长"时代的终 结，将行业财税合规推向了前所未有的高度。面对这场席卷全球的税务透明化风暴，跨境电商企业唯有 透彻理解CRS、主动调整，方能行稳致远。 易仓WMS 一、深刻认知：CRS究竟是什么？ 简单来说，CRS（Common Reporting Standard） 即"共同申报准则"，是一套全球性的金融账户信息 自动交换标准。其核心目的在于，通过参与国（地区）之间的合作，相互披露对方居民在本国境内的金 融账户信息，包括账户余额、利息收入、股息收入等，从而精准打击跨境逃税和洗钱行为。 对于跨境电商而言，CRS 的意义在于彻底打破了信息的壁垒。您通过亚马逊、eBay等平台在海外产生 的销售收入，若存放在香港、美国、欧洲等CRS参与国（地区）的银行账户或第三方支付平台（如 Payoneer、WorldFirst）中，这些账户信息将被动地被所在国金融机构收集，并自动交换回中国的税务 机关。 一个典型的场景是：一家中国跨境电商企业，将其在美国亚马逊 ...

不过，市场上对于香港储蓄型保险的分红是否属于资本利得仍有争议。 智通财经记者 | 吕文琦 近年税务机关加大了对居民境外投资收益的监管力度。据第一财经日前报道，北京、上海、杭州等地的多位人士表示，他们于近期收到来自税务部门的通 知，要求对境外投资收益进行补税。 2018年9月1日，我国进行第一次CRS（共同申报准则）金融信息交换。CRS是参与国税务机关之间自动交换非居民金融账户信息，以打击跨境避税的全球统 一标准。 在此背景下，热卖多年的香港保单分红以及退保领取的现金价值是否属于个人所得税应税项目，成为摆在投资者面前的现实问题。 根据《中华人民共和国个人所得税法》，中国税务居民需要就其全球所得依法纳税，包括从中国境内外取得的各类收入。利息、股息、红利所得是个人所得 税的应税项目之一，适用20%的比例税率。 然而，"红利"在税法中的定义通常指基于持有债权、股权等投资关系而获得的利润分配。 上海兰迪律师事务所高级合伙人陈禹彦向智通财经表示，保险公司的分红收益与税法中的红利有所不同，投保人并非保险公司的股东或债权人，领取的红利 也并非源自保险公司的经营利润，而是保单分红账户的盈余分配。换言之，保单红利更多体现的是保险 ...

Core Viewpoint - The article emphasizes the importance of personal income tax and its threshold as a key element in determining taxpayers' pre-tax deductions, which directly impacts their economic burden and is a focal point for public concern [2][4][6]. Policy Context - The Chinese government aims to improve the personal income tax system by gradually establishing a combined comprehensive and classified tax system, as highlighted in various party congress reports [2][3]. - The 2025 National People's Congress is expected to see proposals for increasing the personal income tax threshold or enhancing deductions, particularly in high-cost areas like Beijing, Shanghai, Guangzhou, and Shenzhen [3][4]. Current Tax Structure - The current personal income tax threshold has remained unchanged since 2018, set at 5,000 yuan per month, with 64% of personal income tax revenue derived from wage and salary income, effectively making it a "salary tax" [3][4]. - The classification of income for tax purposes has been expanded from four categories to nine, including new categories such as business income and capital gains, to enhance revenue management [3][4]. Tax Deductions and Fairness - The special additional deductions for personal income tax have been continuously improved, covering various living expenses such as education, medical care, and housing [4][5]. - The tax system aims to reduce income disparity through differentiated tax burdens, ensuring that high-income earners contribute a larger share of taxes while lower-income individuals may not pay taxes at all [4][5][9]. Challenges in Tax Administration - There are significant challenges in regulating non-wage income compared to wage income, leading to potential inequities in tax burdens [10][11]. - The current system struggles to adequately cover flexible employment and new economic sectors, resulting in mismatches in tax policy application [10][11]. Future Directions - Future reforms may focus on increasing the threshold for personal income tax and optimizing the tax structure to ensure sustainability while promoting fairness [12][14]. - The introduction of a progressive deduction system based on income levels could help address disparities and enhance the equity of the tax system [15][14].

Core Viewpoint - The tightening of account opening policies for cross-border internet brokers targeting mainland residents has been implemented, with several firms, including Futu Holdings and Interactive Brokers, now requiring proof of long-term overseas residence or employment instead of the previous "stock proof" method [1][2][5]. Group 1: Policy Changes - Interactive Brokers has updated its account opening requirements, necessitating long-term overseas living or working proof for mainland investors, as the previous stock proof method is no longer accepted [2][5]. - Other brokers, such as Futu Holdings and Long Bridge Securities, have also adjusted their policies to comply with regulatory requirements, limiting account openings to those who can provide valid overseas proof along with a mainland ID [5][6]. Group 2: Regulatory Environment - The regulatory environment for cross-border internet brokers has been tightening since 2021, with the People's Bank of China and the China Securities Regulatory Commission (CSRC) emphasizing the need for compliance and the prohibition of illegal financial activities targeting mainland investors [7][8]. - The CSRC has been actively working to rectify illegal cross-border operations, including prohibiting firms from soliciting mainland investors and opening new accounts without proper licensing [7][8]. Group 3: Market Impact - The increased account opening requirements are expected to significantly raise the barriers for mainland residents wishing to invest through cross-border internet brokers, potentially leading to a decline in new account openings [5][6]. - The changes come amid a broader context of enhanced tax compliance measures in China, particularly under the Common Reporting Standard (CRS), which has prompted many investors to seek brokers in non-CRS jurisdictions [4][6].

Group 1: Cross-Border Regulatory Upgrades - The Cayman Islands has introduced the Beneficial Ownership Transparency Law effective January 2025, which includes previously exempted funds under the new regulatory framework [2] - The British Virgin Islands (BVI) will implement a new beneficial ownership information reporting system starting January 2025, requiring all BVI companies to comply with enhanced disclosure requirements [2] - The new regulations mandate regular identification of beneficial owners and compliance measures for funds in the Cayman Islands [2] Group 2: China's Tax Administration Evolution - Since 2020, China's tax administration has entered a "data-driven" era, with increasing prevalence of penetrating supervision [3] - Tax authorities in various provinces have identified cases of unreported foreign income, leading to demands for tax payments and penalties [3] - The revised Tax Collection and Administration Law expands the scope of tax audits to include third parties, enhancing the power of tax authorities to investigate hidden beneficial owners [3] Group 3: Penetrating Supervision of Offshore Structures - Multi-layer offshore structures are increasingly subject to penetrating supervision, allowing tax authorities to trace and identify ultimate beneficial owners [4] - All fixed beneficiaries of trusts must be reported, and trustees retaining certain powers may be deemed actual controllers [4] - Starting in 2025, protectors of trusts will also be required to disclose their identities, further exposing hidden beneficiaries [4] Group 4: CRS Reshaping International Tax Order - The Common Reporting Standard (CRS) defines tax residency based on actual residence and economic interests rather than nationality [5] - Individuals with a residence in China or those residing in China for over 183 days in a tax year are classified as tax residents, subject to income tax on global earnings [5] - Financial institutions are required to identify and report actual controllers of passive non-financial entities under CRS [6] Group 5: Legal Compliance Over Geographical Arbitrage - The OECD's CRS facilitates automatic exchange of tax information among participating jurisdictions, enhancing tax compliance [9] - Prior to CRS, countries relied on bilateral agreements for tax information exchange, which were often inefficient and limited in scope [9] - The CRS is seen as a global extension of the U.S. FATCA, promoting a more standardized approach to tax information exchange without punitive measures like withholding taxes [10] Group 6: Historical Context and Future Outlook - The CRS framework was launched in 2014, with China committing to its implementation in 2017, leading to extensive international cooperation on tax information exchange [11] - As of June 2025, over 120 countries and regions are expected to participate in the CRS, with more developing countries likely to join [11] - The evolution of tax compliance reflects a shift from geographical arbitrage to legal adherence, emphasizing transparency and compliance as the new standards for tax safety [12]

Core Viewpoint - China is strengthening the taxation of residents' overseas income, including income from stock trading abroad, which is subject to a 20% tax rate according to personal income tax law [1][12]. Group 1: Taxation on Overseas Income - Taxpayers have recently received notifications from tax authorities regarding the need to declare overseas income and pay corresponding taxes [1]. - The taxation on overseas stock trading is classified as capital gains, and individuals must pay taxes on each transaction, with the possibility of offsetting gains and losses within the same tax year [3][8]. - China has joined the Common Reporting Standard (CRS) for automatic exchange of tax information, allowing tax authorities to access data on residents' overseas financial accounts [3][11]. Group 2: Tax Treatment of Specific Investments - For Hong Kong stock investments, capital gains are exempt from personal income tax if traded through the Stock Connect program until June 2025; otherwise, a 20% tax applies [5]. - For U.S. stock investments, capital gains are also taxed at 20%, calculated based on the difference between selling and buying prices minus reasonable expenses [7]. - Dividend income from H-shares incurs a 20% withholding tax, while dividends from other Hong Kong stocks may not be subject to withholding but still require self-declaration [6][9]. Group 3: Tax Filing and Documentation - Taxpayers must file their overseas income tax returns through the Chinese tax authority's electronic system, even if taxes have already been paid abroad [10]. - Key documentation includes transaction records, proof of tax payment from foreign brokers, and bank statements [11]. - Failure to declare overseas income may result in penalties, including back taxes, late fees, and fines [12].

Core Viewpoint - The Chinese tax authorities are intensifying scrutiny on overseas investment income, requiring tax residents to declare and pay taxes on capital gains from foreign stock trading starting from 2025 [3][6][9]. Group 1: Tax Regulations and Compliance - Starting in early 2025, tax authorities will notify Chinese tax residents via SMS, phone calls, and tax apps to declare overseas stock trading income for the years 2022 to 2024 [3][6]. - The tax rate for overseas capital gains is set at 20%, with no minimum threshold or special deductions applicable [6][9]. - Tax residents are required to report their overseas income annually between March 1 and June 30 through the individual income tax app, including transaction evidence [6][14]. Group 2: Impact of CRS and Enforcement - The Common Reporting Standard (CRS) has enhanced the ability of tax authorities to track overseas accounts, leading to increased enforcement of tax compliance for overseas investments [9][12]. - Previously, enforcement was lax, but the introduction of CRS has allowed tax authorities to monitor accounts more effectively, including those with balances below $1 million [9][12]. - Tax compliance is now viewed as a mandatory obligation rather than an option, especially for high-income individuals with overseas assets [9][10]. Group 3: Investment Channels and Strategies - Investors are exploring compliant and tax-efficient overseas investment channels, such as QDII funds, which allow investment in foreign markets through domestic financial institutions [18][19]. - The Hong Kong Stock Connect program enables investors to trade Hong Kong stocks without capital outflow, maintaining compliance with domestic regulations [19]. - Cross-border ETFs listed in China provide another avenue for investment in foreign indices without incurring capital gains tax [20].

Group 1 - The recent increase in tax notifications for cross-border investment income is linked to the implementation of the Common Reporting Standard (CRS), which facilitates automatic exchange of financial account information among over 150 jurisdictions [3] - The tax department is using advanced monitoring technologies and strengthened policies to enhance global tax enforcement, with formal collection efforts starting this year [3] - Investors are required to self-assess their foreign income, including dividends, interest, and capital gains, and report any discrepancies to avoid penalties [4] Group 2 - Individual investors in Hong Kong and U.S. stocks are subject to a 20% personal income tax on capital gains and dividends, with specific rules for tax credits based on foreign taxes paid [4] - For Hong Kong stocks, capital gains are taxed at 20% in China since Hong Kong does not impose capital gains tax, while dividends from H-shares and red-chip stocks incur a 10% tax [4] - U.S. stocks do not incur capital gains tax for Chinese residents, but dividends are taxed at 10%, typically withheld by brokers [4] Group 3 - Investors are advised to maintain detailed records of their foreign transactions and tax payments to facilitate tax reporting and compliance [5] - The tax authority employs a five-step approach to address tax issues, encouraging taxpayers to cooperate and rectify any reporting discrepancies [5] - There are specific exemptions for capital gains on A-shares and certain cross-border transactions until the end of 2027, which investors should be aware of [5]