PANews reported on August 4th that, according to the Financial Times, Chinese tax authorities recently notified taxpayers to declare and pay taxes on their overseas income. Individuals' income from overseas stock transactions is subject to a 20% personal income tax rate and must be reported in the following year. Taxpayers are allowed to offset profits and losses within a year, but not across years. Failure to report truthfully will result in the requirement to pay back taxes and late payment fees, and serious violations may result in penalties. Tax authorities are strengthening oversight of overseas income through measures such as the CRS .