[The State Taxation Administration of China Responds to New Overseas Taxation Policy: Taxation on Residents' Overseas Income is in Accordance with the Law, Not a New Policy] BlockBeats News, August 7 – The State Taxation Administration of China responded to recent discussions regarding the taxation of Hong Kong insurance proceeds, stating that Chinese tax residents are required to fulfill their tax obligations on global income in accordance with the law. Overseas insurance proceeds are also considered taxable income. This is not a new policy and is not specifically targeted at the Hong Kong insurance market. The administration emphasized that overseas insurance proceeds and other investment income obtained by individual residents must be declared and taxed in accordance with the law. The relevant rules treat overseas income from different countries and regions equally. According to a report by Caixin yesterday, with the normalization of CRS (Common Reporting Standard) information exchanges, Chinese tax authorities can now fully access data on dividends and cash value of overseas insurance policies, gradually filling gaps in tax administration. The taxation of insurance proceeds from overseas income has already commenced. [Original Link]