On August 5, Caixin reported that there have already been cases of personal income tax levied on Hong Kong insurance income in places such as Beijing and Hangzhou, involving two types of income, insurance dividends and prepaid premium interest. The applicable tax rate for each case is 20%. However, at present, taxation is not universal, and there are no uniform and clear implementation standards. In this regard, the Hong Kong Insurance Regulatory Authority exclusively responded to a reporter saying that the HKSAR Government and the Insurance Regulatory Authority are closely monitoring the latest developments in the Mainland's financial product tax arrangements and will maintain close communication with the industry. The Hong Kong Insurance Regulatory Authority said that there has always been a requirement for Chinese residents that overseas investment income must be declared and taxed according to law, so there is no need for the market to overinterpret or speculate. The Hong Kong insurance market is mature, and the product design is flexible and advanced. It can provide professional services such as currency selection, global asset allocation, life planning, and wealth inheritance. I believe it is attractive to mainland customers.

On August 5, Caixin reported that there have already been cases of personal income tax levied on Hong Kong insurance income in places such as Beijing and Hangzhou, involving two types of income, insurance dividends and prepaid premium interest. The applicable tax rate for each case is 20%. However, at present, taxation is not universal, and there are no uniform and clear implementation standards. In this regard, the Hong Kong Insurance Regulatory Authority exclusively responded to a reporter saying that the HKSAR Government and the Insurance Regulatory Authority are closely monitoring the latest developments in the Mainland's financial product tax arrangements and will maintain close communication with the industry. The Hong Kong Insurance Regulatory Authority said that there has always been a requirement for Chinese residents that overseas investment income must be declared and taxed according to law, so there is no need for the market to overinterpret or speculate. The Hong Kong insurance market is mature, and the product design is flexible and advanced. It can provide professional services such as currency selection, global asset allocation, life planning, and wealth inheritance. I believe it is attractive to mainland customers.