What significant impact will CRS have on our overseas assets?
1.20 18 After all signatory countries complete the tax exchange, the changes and amounts of any overseas financial accounts or assets will be recorded on the shore, and the information of account holders is completely private.
2. After the participating countries have the above information, they can completely implement global taxation: capital gains tax, interest tax and inheritance tax;
3. After the introduction of CRS, any act of deliberately hiding, concealing or forging identity to avoid assets being submitted will be investigated and punished for money laundering.
What is the form of crs tax target?
As far as China is concerned, State Taxation Administration of The People's Republic of China, People's Republic of China (PRC) issued relevant standards on June 10 and June 14. The specific timetable is as follows:
Starting from 20 17 and 1, conduct due diligence on newly opened personal and institutional accounts;
Before 20 17, 12 and 3 1, complete the due diligence on the existing personal high-net-worth accounts;
Before 20 18, 12 and 3 1, the due diligence of existing personal low-net-worth accounts and all existing institutional accounts shall be completed. The first exchange of tax-related information on non-resident financial accounts in China was from 2065438 to September 2008.
In the specific process, financial institutions in one country (region) first identify accounts opened by tax residents and enterprises in another country (region) through due diligence procedures.
Submit the name, taxpayer identification number, address, account number, balance, interest, dividends, income from the sale of financial assets, etc. of the above account to the competent department of the country (region) where the financial institution is located every year.
Then, the tax authorities of the host country (region) exchange information with the tax authorities of the country where the account holder is located, and finally realize the effective supervision of cross-border tax sources in various countries (regions). Interpretation of global crs tax avoidance trend, global encirclement and suppression of tax havens
According to the report of the Central Bank of the Bahamas in May, the pressure of global tax transparency has led to a "major strategic shift from overseas to domestic wealth management" in many areas, including the Bahamas.
According to the data of Boston Consulting Budget, in 20 15 years, the overseas wealth of investors from developed countries, including North America, Western Europe and Japan, decreased by 3%. Most of them were repatriated through millions of tax exemptions provided by governments around the world. At least 55 billion euros have been withdrawn from Indonesia to Italy, France and Fiji.
The nightmare of the global rich and financial institutions "CRS"-the global encirclement and suppression of tax havens, according to the British "Financial Times" quoted relevant people as saying, "The world is becoming more and more transparent, and it is very dangerous to rely on loopholes to find opportunities." In other words, for those who are determined to avoid taxes, the room for manoeuvre is gradually narrowing.