PRC issued consultation paper for CRS/FATCA implementation rules
摘要
Chinese State Administration of Taxation (“SAT”) solicited public comments for the Administrative Measures for Due Diligence of Tax Related Information in respect of Non-Resident Financial Account (Draft for Comments) (the “Consultation Paper”).The Consultation Paper issued by SAT on 14 October 2016 was essentially the operating rules for the implementation of Automatic Exchange of Financial Information in Tax Matters(CRS) within Chinese mainland territory by converting the international applicable CRS into detailed requirements suitable for Chinese national conditions and providing legal basis and operational guideline for such implementation. This article gives the major view of the Consultation Paper, including the due diligence obligations which the PRC financial institutions required to perform, due diligence obligation related to financial products promoted and sold through a third party, form of self-certificate for purpose of due diligence and so on.
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