This is what I understand. The right approach. Not out of necessity to pull the last under, cut the hair of efficient managers. The total amount of tax refunds on offshore trust income exceeded 160 billion yuan, leading to a nearly 90% increase in personal income tax in October. After the completion of the three-month transition period, on November 11, 2026, China's tax administration reported that the total personal income tax declared by overseas trusts exceeded 160 billion yuan, of which more than 120 billion yuan contributed in the month of October alone, increasing the national tax revenue from individuals up to 90% in October. "The Justice on Issues of Income Tax Issuance on People Holding Offshore Trusts", published by the Ministry of Finance and the State Tax Administration on July 24, 2026, states that people who place their property in an offshore trust and income earned through an offshore trust must declare and pay a personal tax at a rate of 20%. Taxpayers who received income from an offshore trust and who completed a tax return and payment during the 90-day transition period will not be subject to late payment penalties. (And then they will take over the Maui and fill the treasury well).