On 19 May 2017, the State Administration of Taxation of the Peoples’ Republic of China along with the Ministry of Finance, Peoples’ Bank of China, China Banking Regulatory Commission, China Insurance Regulatory Commission and China Securities Regulatory Commission jointly released to the public the “Measures on the Due Diligence of Non-resident Financial Account Information in Tax Matters”, Announcement (2017) No. 14, dated 9 May 2017 (hereinafter referred to as the “Announcement 14”). This is a long-awaited tax and regulatory circular which provides the overall framework for implementing the Standard for Automatic Exchange of Financial Information in Tax Matters (hereinafter referred to as “the AEOI Standard”) in China that was formulated by the Organization for Economic Co-operation and Development.
Announcement 14 stipulates the principles and procedures for financial institutions established in China to follow, and to identify any reportable non-residents of China that hold financial accounts with the institutions and to collect the required financial account information for the Chinese authorities. Announcement 14 will be in force from 1 July 2017 with the first online registration deadline being 31 December 2017, followed by an annual reporting deadline of 31 May of the following year.
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