Recently, there have been reports that income from mainland Chinese tax residents purchasing Hong Kong insurance is included in the scope of taxation, causing concern. In this regard, heads of relevant departments and bureaus of the State Administration of Taxation pointed out that according to the relevant provisions of China's personal income tax law, Chinese tax residents are required to fulfill their tax obligations on global income, and overseas insurance benefits also fall within the category of taxable income. This is not a new policy, let alone specific to the Hong Kong insurance market, and there is no need for excessive interpretation. “Overseas income includes many taxable items, and taxation is not specific to the insurance industry.” The person in charge further explained that according to law, our country treats residents' overseas income equally. Regardless of overseas insurance income or other investment income, and no matter what country or region the income comes from, they are required to file and pay taxes according to law. Regulating the administration of residents' overseas income taxes is beneficial to preventing cross-border tax evasion, safeguarding the country's tax rights and interests, and promoting social fairness.

Recently, there have been reports that income from mainland Chinese tax residents purchasing Hong Kong insurance is included in the scope of taxation, causing concern. In this regard, heads of relevant departments and bureaus of the State Administration of Taxation pointed out that according to the relevant provisions of China's personal income tax law, Chinese tax residents are required to fulfill their tax obligations on global income, and overseas insurance benefits also fall within the category of taxable income. This is not a new policy, let alone specific to the Hong Kong insurance market, and there is no need for excessive interpretation. “Overseas income includes many taxable items, and taxation is not specific to the insurance industry.” The person in charge further explained that according to law, our country treats residents' overseas income equally. Regardless of overseas insurance income or other investment income, and no matter what country or region the income comes from, they are required to file and pay taxes according to law. Regulating the administration of residents' overseas income taxes is beneficial to preventing cross-border tax evasion, safeguarding the country's tax rights and interests, and promoting social fairness.