Tax policy to be in line with global norms

Expert: Countries, regions like the US, Japan, EU tax nationals' foreign income

Chinese tax authorities are stepping up efforts to ensure residents declare and pay taxes on overseas income, as part of broader efforts to enhance cross-border tax transparency and bring China's enforcement in line with international standards, industry experts said in an exclusive interview with China Daily on Thursday.

They made the comments as earlier media reports said that Chinese mainland residents investing in Hong Kong and US stocks have received notices from local tax authorities, urging them to review their domestic and overseas income and tax filing declarations.

Li Na, associate professor at East China University of Political Science and Law, said: "Declaring overseas income is not just a Chinese requirement. It is standard practice in most countries and regions. Individuals who live in China or spend more than 183 days here in a year are considered tax residents and must report global income under Chinese law.