Press Release (ePRNews.com) - CENTRAL, Hong Kong - Jun 29, 2017 - The relevant Chinese authorities released on 19th May the Administrative Measures on Due Diligence of Non-resident Financial Account Information in Tax Matters, which will come into effect on 01st July. These measures are promulgated to comply with the Common Reporting Standard (CRS) of the OECD on the automatic exchange of financial account information (AEOI) and requires Chinese Financial Institutions to collect and report account holder information of non-resident account holders. The measures provide the legal basis and operational guidelines for Financial Institutions to identify non-resident accounts and conduct the required due diligence documentation.
With the AEOI framework in place, China would also qualify to receive CRS information from other participating jurisdictions, such as Hong Kong and major offshore financial centres.
Hong Kong requires Financial Institutions to comply with CRS starting from 01st July for 74 countries, including China.
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