What does China crs rule mean?

Crs rule in China is the abbreviation of Common Reporting Standard, which is translated into "Unified Reporting Standard" in Chinese.

CRS translation is the same as the common reporting standard. From 2065438 to July 2004, the Organization for Economic Cooperation and Development (OECD) issued the AEOI standard (automatic exchange standard of tax-related information in financial accounts), and CRS is one of them, aiming at realizing the transparency of financial account information of transnational tax residents, so that the overseas assets of tax evaders, money launderers and corrupt elements have nowhere to hide.

CRS requires signatory countries to exchange information systematically and regularly, so that the taxpayer's country of residence and the country where the taxpayer's account is located can automatically share all kinds of financial information of taxpayers in overseas financial institutions such as banks and securities accounts, such as dividends and bonuses.

Simply put, CRS means that governments control their citizens' assets by "exchanging information with each other" and judge whether they evade taxes, accept bribes or launder money. However, it should be noted here that successful information exchange needs to meet two conditions. First, financial account information must be exchanged by the signatory countries or regions that have joined CRS; second, both parties must "match voluntarily" successfully.

Extended data:

Operation mechanism of CRS:

In the past, people with foreign-related income held and managed assets through overseas financial institutions, and hid their income in overseas financial accounts to avoid the tax obligations of the resident countries. In May this year, China and State Taxation Administration of The People's Republic of China, together with six ministries and commissions, issued the Administrative Measures for Due Diligence of Tax-related Information in Non-resident Financial Accounts, which was regarded as the China version of CRS to crack down on cross-border tax evasion.

For example, after the adoption of CRS in China and Singapore, a China tax resident has an account in a financial institution in Singapore, then the personal information of the resident and the income from the account will be collected by the financial institution in Singapore, reported to the relevant government departments in Singapore and exchanged with the relevant government departments in China once a year.

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