In September 2017, the automatic exchange of tax information under CRS officially commenced, with the first batch of 49 countries officially starting the exchange of tax information.
According to a tax report released by the Organisation for Economic Co-operation and Development (OECD) at the G20 summit, as of July 2017, nearly 2000 bilateral relationships for automatic exchange of information have been activated, with approximately 500,000 individuals disclosing offshore assets, resulting in additional tax revenue of about 85 billion euros.
The Chinese government began implementing CRS on January 1, 2017, and financial institutions in China have been conducting due diligence on deposit accounts, custodial accounts, equity or debt interests in investment entities, and insurance contracts or annuity contracts with cash value since July 1, 2017, to identify whether account holders are non-residents. Chinese residents' overseas financial accounts may face the possibility of being exchanged.
The Hong Kong government also began implementing CRS on January 1, 2017. Starting this month, banks in Hong Kong have begun issuing the "Individual CRS Self-Certification Form" and the "Entity CRS Self-Certification Form" to account holders to expedite the implementation of CRS.
It has been proven that CRS is no longer just a matter disseminated through newspapers, the internet, or WeChat; CRS is indeed approaching every individual who holds financial accounts overseas.
The global environment is rapidly changing, but the fact that the world is actively participating in the exchange of financial tax information is irreversible. Who does CRS involve? How should the CRS self-certification form be filled out, and what should be noted? What are the exchange subjects and contents of CRS? In the face of various tax jurisdictions gradually implementing CRS, how can reasonable tax planning be conducted to ensure that your overseas assets are not affected by CRS?
CRS has been implemented, and global tax transparency will continue to increase. High-net-worth individuals must urgently engage in reasonable tax planning for global asset allocation. Don't panic, four powerful tools will help you easily cope with CRS!
The WorldWay Immigration Group's offices in Beijing, Shanghai, Shenzhen, Guangzhou, Qingdao, Hong Kong, and Macau will continue to hold CRS-related analysis activities in the near future, inviting top financial and investment experts from the United States to interpret CRS-related issues for you and provide on-site advice on how to use four powerful tools to reasonably cope with CRS. Don't miss this opportunity!
For details about the activities, please continue to follow the official website and WeChat account of the WorldWay Immigration Group, or call the consultation hotline: 400-138-2929.