When Banks Meet Tax Authorities — Key Issues that Lawyers Should Know About Tax Administration in the New Finance Era (I)
摘要
In February, the Measures on the Due Diligence of Non-resident Financial Account Information in Tax Matters (draft for comment) (hereinafter referred to as “the Measures”) issued by the State Administration of Taxation has attracted the attention of many high net worth individuals in China. Along with the development of an international economy and trade as well as increasing globalization, more and more taxpayers conduct cross-border transactions by using offshore financial accounts and these accounts have become important information sources for tax regulation. However, it is usually impracticable for tax authorities to collect information about such accounts. This article deals with key issues that lawyers should know about tax administration in the new finance era, including what is AEOI, how AEOI works, how financial accounts are connected with tax regulation and so on.
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