[Offshore trust income taxation proceeds smoothly and orderly] November 11th. Reporters learned from the State Administration of Taxation on November 11th that at present, the transition period of the offshore trust income taxation policy has ended smoothly. The vast majority of taxpayers have actively cooperated and declared a total of more than 160 billion yuan in offshore trust personal income tax, of which more than 120 billion yuan was deposited in October, driving the national personal income tax revenue to increase by nearly 90% in October. On July 24, 2026, the Ministry of Finance and the State Administration of Taxation issued the "Announcement on Matters Concerning Personal Income Tax on Offshore Trusts", stipulating that taxpayers who obtain income from offshore trusts must complete the declaration and payment of taxes within a 90-day transition period, and no late payment fees will be charged. (Xinhua News Agency)