Tax evaders, beware, the taxman's coming

THE STATE ADMINISTRATION OF TAXATION has, for the first time, exchanged information on Common Reporting Standard (Guidelines for Joint Declaration of Overseas Financial Accounts) with the taxation authorities of multiple countries and regions. Beijing Youth Daily comments:

The exchange of tax information will have a big impact on the management of financial institutions, and overseas investment and financial assets of Chinese enterprises and individuals.

Thanks to the expansion of the scope of information exchange, SAT could get access to the overseas financial information of Chinese enterprises and individuals in the near future, making it more difficult for such enterprises and individuals to evade tax.