Hong Kong Insurance Regulatory Authority: Mainland's requirements for taxation of overseas investment income have always existed, and there is no need for excessive interpretation by the market

The Zhitong Finance App learned that recently, the market is concerned that the mainland intends to include various types of income generated by overseas insurance policies in the scope of taxation, and is worried that it will affect Hong Kong's insurance business. The Hong Kong Insurance Authority responded that the Hong Kong 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 pointed out that there has always been a requirement for Chinese residents that overseas investment income must be declared and taxed according to law, and there is no need for the market to overinterpret or speculate. The Bureau emphasized that the Hong Kong insurance market is mature, and the product design is flexible and advanced, and it can provide professional services such as currency selection, global asset allocation, life planning, and wealth inheritance. It is believed that it will still be attractive to mainland customers.