By Chen Yun (Robert) & Wang Rong King & Wood Mallesons’ Finance & Capital Markets group
Finally after seven months of waiting, the Administrative Measures on Due Diligence of Tax Related Information in respect of Non-Resident Financial Accounts (the “Measures”) were jointly promulgated by the State Administration of Taxation (“SAT”), Ministry of Finance (“MOF”), People’s Bank of China (“PBOC”), China Banking Regulatory Commission (“CBRC”), China Securities Regulatory Commission (“CSRC”) and China Insurance Regulatory Commission (“CIRC”) on May 19, 2017.
Compared to the previous draft for public comments, there is no material change in the Measures. For relevant background information, please refer to our previous article: “PRC issued consultation paper for CRS/FATCA implementation rules”.
Continue Reading CRS Implementing Rules Finally Released