Offshore Trust Taxes Help Fuel China’s 90% Personal Income Tax Surge

Detailed summary

Authorities collected more than 120 billion yuan in offshore trust taxes in October, helping push 10-month personal income tax revenue above the full-year 2025 total ...

China reported more than 160 billion yuan ($24 billion) in personal income tax declarations tied to offshore trusts on Wednesday, as payments helped drive a nearly 90% year-on-year increase in October personal income tax revenue.

More than 120 billion yuan was collected in October, the State Taxation Administration said in its first disclosure of the policy’s revenue impact following a three-month transition period. The payments helped lift personal income tax revenue for the first 10 months of 2026 above the full-year total for 2025.

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