China Clarifies Tax on Offshore Trust Income; Samsung, SK Hynix Sign $950 Billion Memory Chip Deals
The Ministry of Finance and the State Taxation Administration issued an announcement on July 24 clarifying matters related to individual income tax on offshore trusts. According to the announcement, when a resident places assets into an offshore trust, and for income generated during the trust's existence, the resident must declare and pay individual income tax in accordance with regulations.
On Saturday, South Korean presidential adviser Kim Yong-beom revealed that Samsung Electronics and SK Hynix have reached long-term memory chip supply agreements with US technology giants such as Nvidia and Broadcom, with a total value of $950 billion. Among these, SK Hynix's supply to the US amounts to $750 billion, while Samsung signed a $200 billion chip supply contract with Broadcom.
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