AsianFin — Chinese tax authorities have reportedly begun a new wave of tax enforcement targeting Chinese nationals who have opened accounts or conducted business overseas, with a particular focus on those using Hong Kong-based Chinese brokerages.

According to multiple sources, residents in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen have recently received self-audit notifications from local tax bureaus. These notices require recipients to report to tax offices and pay back taxes based on income generated through offshore accounts.

Individuals with accounts at platforms such as Futu Holdings and other Chinese-backed brokerages in Hong Kong are reportedly among those affected. Those with potential tax liabilities exceeding RMB 100,000 (approx. USD 13,800)are said to have almost universally received follow-up notices demanding payment.

In contrast, Chinese nationals who hold accounts at U.S.-based brokerages such as Interactive Brokers or Charles Schwab have not yet been reported as receiving such notices. This discrepancy is believed to be due to the United States not participating in the Common Reporting Standard (CRS), an international tax information-sharing framework led by the OECD.

Some individuals now face back-tax payments ranging from hundreds of thousands to tens of millions of RMB, highlighting the growing intensity of China's efforts to close tax loopholes and increase compliance among high-net-worth individuals operating across borders.