On April 1, during a press conference held by the State Taxation Administration, Dai Shiyou, Director of the Policy and Regulation Department, stated that one month into this year's annual individual income tax settlement process, more than 70 million taxpayers have applied for tax refunds in accordance with the law. Additionally, over 5 million taxpayers have voluntarily declared and paid additional taxes owed. The overall process is reported to be running smoothly and in an orderly manner.
Dai Shiyou mentioned that the deadline for completing the individual income tax settlement is June 30. He advised taxpayers to arrange their time reasonably and file their returns during off-peak periods to avoid the last-minute rush expected near the end of June. Taxpayers eligible for refunds were encouraged to promptly claim their tax "red packets," while those who need to pay additional taxes were reminded to declare and pay within the stipulated period to avoid late payment fees and unnecessary losses.
He also reminded taxpayers that, according to the Individual Income Tax Law, resident individuals are required to pay income tax on both domestic and foreign-sourced income. Taxpayers with overseas income must complete their declaration covering all domestic and foreign earnings before the end of June. The tax authorities will utilize data such as the Common Reporting Standard (CRS) for automatic exchange of financial account information to analyze and compare declared overseas income data, continuously strengthening tax supervision.
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