Blue Flower

Tax Impact of China CRS compliance on US taxpayer

February 1, 2017

https://www.ellscpas.com/2017/02/01/tax-impact-china-crs-compliance-us-taxpayer/

 

US in not the only country interested in obtaining information from overseas banks regarding their residents’ bank and brokerage accounts as well as other income generating assets.

After US implemented FATCA (Foreign Account Tax Compliance Act) and entered into FATCA agreements with several different countries and the majority of banks worldwide, other countries are now rapidly implementing their versions of FATCA -CRS/GATCA laws. CRS stands for the Common Reporting Standard. It is also commonly referred to as GATCA (Global Account Tax Compliance Act), which are designed to further crack down on tax evasion and non-compliance.

The Chinese Government has indicated before that it had every intention of complying with the global CRS initiative and in October of 2016 The State Administration of Taxation (SAT) of China released a Discussion Draft on the Administrative Measures on the Due Diligence Procedures for Non-residents’ Financial Account Information in Tax Matters (the Discussion Draft) to solicit public opinion.

The framework of The Discussion Draft follows the general CRS framework and requires that Financial Institutions (Fis) conduct due diligence and identify the tax residency status of financial account holders. Where the account holder is determined to be a non-resident individual or an enterprise, the FI should collect and record the reportable information. This information will be shared with tax authorities of the jurisdictions where these individuals or enterprises are considered to be tax residents.

Per the Discussion Draft, the Chinese FIs are required to start conducting due diligence procedures for new accounts on January 1st, 2017, complete due diligence procedures for pre-existing high value individual accounts by December 31, 2017 and complete due diligence procedures for pre-existing low value individual accounts and all of preexisting entity accounts by December 31, 2018.

What does it mean for you? If you a US tax resident and you have either bank or other financial accounts in China and the combined balance of these accounts was over USD10,000 at any time during the year, you are required to report these bank accounts to the US Department of Treasury by filing Form 114 and, if the combined value of your foreign financial assets is over certain threshold amounts, the information has to be also reported to the IRS by attaching Form 8938 to your individual income tax return.

Penalties for non-compliance are extremely high and chances of your accounts sliding under the radar are getting increasingly lower. While most of the banks in China were subject to FATCA reporting before the Chinese government issued the Discussion Draft, they were complying with the laws of the foreign country. With the issuance of the Discussion Draft they will be forced to comply with their own country laws and, therefore, will have to be more thorough and diligent.

Once the information is reported to the US taxing authorities and they determine that these bank accounts were not properly disclosed by the taxpayers, there will be very few options available to fight the penalty assessments or potential criminal charges.

If you have foreign financial accounts in the China, it is the time now to report those accounts. The deadline for individuals for filing FinCEN Form 114 for 2016 is April 18, 2017. The filing can be extended until October 16, 2017 if the application for extension is timely filed.

Chinese CRS -10-12-2017

在美国的中国人看完本文后, 请继续阅读 Tax Impact of China CRS compliance on US taxpayer

 

http://www.epochtimes.com/gb/17/10/12/n9726288.htm

【大纪元2017年10月13日讯】继早前中国大陆通过《非居民金融账户涉税信息尽职调查管理办法》,也被称为中国版CRS后,包括四大行及中信在内的逾十家银行正在展开一场针对非居民金融账户的大规模彻查摸底行动。

 

据证券时报官方微博券商中国10月12日报导,中信银行、宁波银行等上市银行已经从总行层面成立工作小组,协调包括运营部、国际业务部、托管部、电子银行部、法律合规部、信息技术部、公司部、零售部、信用卡中心等多个相关部门推进摸排账户信息的工作。

 

另外,包括工行、农行、中银、建行、中信在内的十余家银行,已对公众刊出公告,要求存量非居民客户(即于今年7月1日前在银行开立过存款账户、银行卡、国债等的客户),从柜面或手机银行等签署税收居民身份声明文件。

 

针对不同客群,摸排步调不一:对高净值客户的排查更为紧急,金融机构被要求在今年12月31日前将金融账户加总余额(截至六月末)超过百万美元的个人账户信息全面摸清。而对不足百万美元的低净值客户,时限则涉到明年12月末。

 

以建行个人非居民身份声明为例,除了姓名、年龄、现居地、出生地等基础信息外,非居民要填报税收居民国(或地区),以及纳税人识别号。

 

这些信息被报送到相关部门后,国家税务总局将按照中国对外签订的协议,交换给账户持有人归属的居民国税务主管。

 

据悉,非居民是指中国税收居民以外的个人、企业、组织(不含政府机构和国际组织等),尽管范围小,但据官方说法,中国版CRS推出的目的是“信息交换”。

 

报导称,也就是说,中方可以通过“信息交换”,获得中国税收居民在海外CRS参与国家的金融账户信息。这意味着,一名中国公民转移财产到境外,在境外拥有金融资产,同样会被它国金融机构视为非居民金融账户,其账户信息也将会被收集、报送,未来会交换回中国。

 

通过交换信息的方式,一旦你持有海外金融账户;你持股一定比例(目前规定为25%)的公司拥有海外金融账户;你买了海外保险或者年金;你是信托的委托人、受托人、受益人、保护人或其他实际控制权人……只要满足以上任一情况,就算你是中国籍,你的信息就都会被参与国报送回来给中国。

 

报导指,从此前国家税务总局公开的资料来看, 101个承诺实施CRS的国家(含地区)中,赫然包含了“避税天堂”开曼群岛、百慕大。这可能让逃税的富人们感到崩溃。

 

报导引述一名银行业法律合规人士介绍,将来这些CRS报告国会互相通报,这也是为什么大家比较紧张。就算你是中国纳税身份,但海外银行只要汇报你有存款,估计就会引发对海外收入报税是否合规的检查。

 

报导还称,即使没有这个中国版CRS,基于监管机构密集要求排查反洗钱风险的频率,银行也在严密监控境内外资金流动和离岸账户。 如早前,监管要求采集境内银行卡在境外实体和网络特约商户发生的单笔等值1000元人民币以上的消费交易。

 

哪些国家同中国签署了CRS金融账户信息交换协议?

2014年7月经济合作与发展组织(OECD)组织和G20组织发布了《金融账户涉税信息自动交换标准》和《多边管辖权协议》(MCAA),旨在通过加强全球税收合作,提高税收透明度,打击利用跨境金融账户逃避税的行为,维护诚信的税收体制。这个系统也称为CRS(Common Reporting Standard) ,即“共同申报准则”。

 

CRS是一套金融机构尽职调查和申报的标准,目的是为各国提高税收透明度和打击逃税行为提供有效信息依据。使纳税人居住国与纳税人账户所在国家自动分享纳税人在境外金融机构如银行及证券户头中的各类财务信息,如股息、红利等。

 

据大陆媒体报导,中国将成为第二批实施CRS的国家(地区),将于2018年9月进行第一次信息交换,届时相关中国个人或机构的海外账户信息将被呈报至中国税务机关。这意味着其在海外的资产将不再隐蔽。

 

据报,海外金融账户涉税信息由所在国“自动”传送给中国税务机关,需要具备两个条件:一是承诺将实施OECD制定的《金融账户涉税信息自动交换标准》,二是承诺国还需要和中国签署相关协议。

 

2014年6月27日,美国财政部披露,就落实《海外账户税收合规法》(FATCA)已经同中国“草签”了一份协议,在美国财政部网站上看到,中国已被列入就FATCA同美国“基本达成协议”的名单,起始日期是2014年6月26日。

 

2016年5月,加拿大和中方签署了谅解备忘录,两国税务部门将在2016年至2018年进一步加强税收政策及管理方面的合作与交流。

 

根据加拿大税务局网站的公开信息,从今年7月1日起,在加国金融机构开设账户的客户须申报其居民身份,金融机构会将非加拿大居民和实体的账户信息,按年向加拿大税务局报送。

 

2016年10月26日,香港政府宣布已分别与日本、英国签署自动交换信息(AEOI)主管当局协议(CAA),将于2018年开始相互自动交换金融账户税收信息。

 

开曼群岛及英属维尔京群岛均为CRS的签约国,分别与31及25个国家(或地区)签署了《税务资料自动交换协议》,据报导这些国家包括澳大利亚、加拿大、中国、法国、德国、印度、日本、英国及美国等。

 

此外,包括新加坡、香港等中国高净值人士传统离岸金融注册热点国家、地区近日纷纷通过法案、推进落实CRS的落地。#

 

我的教育是:工商管理硕士 (MBA) - 会计主修;20多年的工作与财务也一直相关。 虽然近几年的生意是以网路服务为主。

我服务的目标是:让我的朋友们1. 安稳的累积财务 2. 

 

 

塞勒獲諾貝爾經濟學獎
世界日報 2017年10月10日

塞勒9日在芝大布斯商學院為他舉行的慶祝會中說,「行為經濟學」已經「在野」40年了,獲得諾貝爾獎對「行為經濟學」來說,意義非凡。

芝加哥大學是獲諾貝爾經濟學獎的重鎮,...。

72歲的塞勒在1980年代從心理學得到啟發,開啟人類非理性消費行為研究的先河;他曾是2015年諾貝爾經濟學獎呼聲最高的候選人之一,著作包括:2015年出版暢銷書「錯誤的行為:行為經濟學關於世界的思考,從個人到商業和社會」(Misbehaving: The Making of Behavioral Economics);2008年出版「推力:決定你的健康、財富與快樂」(Nudge: Improving Decisions About Health, Wealth and Happiness)等。

「市場投資人是非理性、很情緒化而且無法自我控制。」塞勒表示,主張「投資人理性、非情緒化且自我控制」的學者專家,所研究的是「虛構的生物」,「他們可能在研究獨角獸。」

塞勒說,他的研究則顯示,「每天我們的行為,都從各個方面,違反了經濟學原則。

「想要讓人們落實行動,一定要把事情簡單化,讓人們可以更容易達到他們預想的目標。」...,就是他主張「推力」(Nudge)理論的最佳驗證

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