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In recent years, global tax management has become increasingly rigorous. The Organization for Economic Cooperation and Development established the Automatic Exchange of Financial Account Information in addition to the Common Reporting Standards (CRS) in 2014. The CRS has led to increased transparency of multinational enterprises and individuals’ personal information, resulting in tax compliance becoming more significant than ever.
Since the introduction of CRS, financial institutions have been required to review and collect financial account information, identify the tax residency of the holders/controlling person of financial accounts and submit relevant information to the local tax authorities each year. In this regard, each national tax institution can manage information concerning residents' assets in overseas financial accounts, as a source of information for tax collection and inspection. Both mainland China and Hong Kong have committed to implementing CRS, and introduced the first automatic information exchange in the second half of 2018. Hong Kong passed CRS into local law in 2016, while mainland China has issued a formal version of the “Due diligence procedures for non-residents’ financial accounts”.
As a high net-worth client, we can help you to conduct comprehensive analysis on impacts to your personal tax accounts under the new tax environment.
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