Offshore Trust Taxes Help Fuel China’s 90% Personal Income Tax Surge

China reported more than 160 billion yuan ($24 billion) in personal income tax declarations tied to offshore trusts on Wednesday, as payments helped drive a nearly 90% year-on-year increase in October personal income tax revenue.

More than 120 billion yuan was collected in October, the State Taxation Administration said in its first disclosure of the policy’s revenue impact following a three-month transition period. The payments helped lift personal income tax revenue for the first 10 months of 2026 above the full-year total for 2025.