USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

China releases rules for due diligence on non-resident financial accounts

Xinhua | Updated: 2017-05-20 10:49

BEIJING - Chinese authorities Friday publicized detailed rules for financial institutions to conduct due diligence procedures on non-resident accounts in an effort to counter cross-border tax evasion.

Starting July 1, Chinese financial institutions will carry out due diligence on deposit accounts, escrow accounts, stock or bond right interests of institutional investors.

The information will be collected for exchange with tax authorities of other countries to detect tax evasion practices using offshore accounts.

In 2014, the Organization for Economic Cooperation and Development (OECD) developed the Common Reporting Standard (CRS) for Automatic Exchange of Financial Account Information in Tax Matters and the standard was later endorsed by the G20.

More than 100 countries, including China, have signed up to implement the standard.

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US