Article 1 of the Announcement of the State Administration of Foreign Exchange in State Taxation Administration of The People's Republic of China, People's Republic of China (PRC) on Issues Related to Tax Filing of Foreign Payments for Service Trade and Other Projects, which requires more than 50,000 US dollars, stipulates that domestic institutions and individuals who pay more than 50,000 US dollars abroad shall file tax records with the local competent tax authorities. Therefore, if the amount of foreign exchange purchased and remitted by overseas individuals exceeds 50,000 US dollars, they need to fill out a tax return form for tax declaration.