What impact does CRS in China have on immigrants?

No 1: China people who have emigrated.

According to the content of CRS agreement, if financial assets are hidden in China, they are likely to be leaked to immigrant countries, and they are likely to face tax payment, various fines and even criminal responsibility.

Second: overseas people who allocate financial assets.

After the implementation of CRS, as long as they come from China (whether they are immigrants or not) and have the following financial assets abroad (including Hongkong): deposit account, custody account, cash value policy, annuity contract, securities account, futures account, holding equity/creditor's rights of financial institutions, etc.

The countries or regions where these financial assets are deposited will also disclose the financial assets held by the holders to the Chinese mainland Taxation Bureau.

Third: people who hold shell companies to invest and manage wealth overseas.

China people set up companies in areas where overseas taxes are very favorable, hold assets in banks and other financial institutions through company accounts, or conduct financial management or consumption through company accounts. Such enterprises may be identified as "negative non-financial institutions" (that is, shell companies).

After the implementation of CRS, the financial assets owned by you and the company as the actual controller will be required to be disclosed, and it will become more difficult to avoid taxes in the name of shell companies.

Extended data

China promised to implement AEOI(Intax Matters Automatic Information Exchange Standard) as early as September 20 14.

20 15, 15 In February, China officially signed the Agreement on Automatic Exchange of Tax-related Information in Financial Accounts of Multilateral Institutions.

20 18 (expected) The first information submission to State Taxation Administration of The People's Republic of China will be completed before June 30th, and the information will be submitted to State Taxation Administration of The People's Republic of China regularly every year thereafter.

Before September 30, 20 18, China will complete the first information exchange between jurisdictions with other participating CRS, and will conduct regular information exchange between jurisdictions every year thereafter.

Complete due diligence procedures for all remaining customers and identify their non-resident accounts before 20 18 12 3 1.

Baidu encyclopedia -CRS