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CRS Initiation + China's Anti-tax Avoidance Provisions, Stricter Overseas Assets Inspection "China CRS" officially attacked!
Since September, the Mainland will exchange information with Hong Kong and Macao, and the relevant information of Chinese individuals'overseas accounts in France, Britain, Germany and other countries will also be grasped by Chinese tax authorities.
With the addition of anti-tax avoidance clauses in the new personal income tax law, Chinese individuals who use overseas accounts to evade taxes will be severely punished, and the risk of being inspected will be greatly increased, especially for those with high net worth of more than $1 million.
What is CRS?
Simply put, CRS is the standard for governments to cooperate with each other and inform each other about the property information of tax residents in their own countries, so as to jointly combat tax evasion by taxpayers using transnational information opacity.
With the acceleration of the process of economic globalization, the phenomenon that taxpayers hold and manage assets through overseas financial institutions and hide their earnings in overseas financial accounts in order to evade the tax obligations of resident countries is becoming more and more serious.
In order to effectively punish cross-border tax evasion, tax authorities in various countries have decided to join forces to exchange information automatically and exchange tax-related information on financial accounts of non-tax residents.
What's the impact?
At present, the automatic exchange of CRS tax-related information between China and more than 60 countries or regions under the MCAA agreement has been activateD.With the exchange of tax-related information of financial accounts between China and other countries and regions this year, it will directly affect Chinese tax residents who hold overseas financial accounts.
Their following information will be available to the regulatory authorities and there will be no escape.
Overseas Agency Accounts:
Financial institutions, including depository institutions, trusteeship institutions, investment institutions and specific insurance companies.
Asset information:
Deposit accounts, custody accounts, cash value insurance contracts, annuity contracts, equity/bond yields of holding financial institutions.
Personal information:
Name, sex, date of birth, account and account balance, place of tax residence, annual payment or inclusion in the total amount of the account.
For example, if a mainlander wants to buy financial products from a trust company in Hong Kong, the trust company will require it to comply with CRS regulations.
That is to say, the trust company has the responsibility to inform the relevant departments in the Mainland of this information.
In this way, the mainlander has to declare how much income he earns in Hong Kong in the mainlanD.Similarly, Hong Kong citizens must declare the products they buy in the MainlanD.Even if they do not declare, information will be disclosed.
However, non-financial assets such as real estate, jewelry, antiques of calligraphy and painting, airplane and yacht are not covered by CRS.
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    0Total comment for 4931279940

    ABOUT state local customs, tourist attractions
    Travel to New Orleans.
    At 9 p.m., my boss and I met at Louis Armstrong Airport in New Orleans.
    The airport was named in memory of the city's greatest jazz musician, Louis Armstrong.
    There are two ways to get from the airport to the city: 20 yuan for a bus, 33 yuan for a taxi, and 14 yuan for an additional person.
    The boss is careful and naturally decided that we should take a taxi to the hotel we booked.
    The owner ordered Best Western on St. Charles St. Charles Avenue.
    St. Charles is an important street with streetcar.
    The roadside buildings are distinctive and there are many tourists.
    The room ordered by my boss is called City View, that is to say, street view can be seen; but in fact, when I arrived, I found that, alas, the bad thing about street view is that the tram is facing the tram, and the tram is all day long, but the frequency is relatively low in the middle of the night, between one and four o'clock is 90 minutes, after four o'clock.
    It's a 30-minute shift.
    The tram was noisy, like a small train arriving at the station, so I didn't sleep well on the first night of arrival.
    First day: Although I didn't sleep well all night, my boss enjoyed a good sleep.
    Getting up at six o'clock in the morning on time, I'm too embarrassed to sleep any more, and I'll get up in a little while.
    We had breakfast in the lobby and set out.
    There's a tram right outside Best West where we live.
    In the morning, we take a tram to the Convention center.
    In the afternoon, I was thinking about buying a City Pass, which could be the kind of streetcar and bus Bus, so it might be relatively economical.
    Streetcar's one-way cost is 1.25 knives.
    If you buy a day unlimited CITY Pass, it's 5 knives.
    If it's 3 days, it's 12 knives.
    If it's 5 days, it's 20 knives.
    We had a three-day meeting, so we bought a three-day City Pass, which made the meeting much easier.
    City Pass is sold in many Walgreens in the city, so we rushed to the city to make a quick trip.
    The following picture of Palace Cafe looks very famous, just on the most famous Canal Street Street.
    The Street divides French Quarter and Business District.
    The Streetcar on St. Charles Avenue above is dark green, and the big red one on Canal Street is very beautiful.
    The most representative building in New Orleans is the St. Louis Catholic Church behind me.
    The United States is a Christian country, but New Orleans is strongly influenced by the French colonial culture.
    Pope John Paul II visited the church.
    In front of the church, the statue of General Andrew Jackson riding a big horse was a hero who fought against the British to defend New Orleans.
    The garden around the statue is naturally called Jackson Garden.
    Andrew Jackson (March 15, 1767 - June 8, 1845) was the seventh President of the United States (1829 - 1837).
    Jackson Democracy, the first governor of Florida, a war hero at the Battle of New Orleans and one of the founders of the Democratic Party, was named for him.
    New Orleans has a lot of street culture.
    The Jackson Garden in front of the church is surrounded by various artists to show their works.
    This group seems to be an abstract painting style with love as its theme.
    Let's see for ourselves what it is.
    Three of us stopped at a restaurant near Jackson's Garden for dinner.
    The restaurant's style is interesting.
    There are only pillars and no walls around it.
    All the doors between the pillars can be opened and ventilated.
    This is probably a unique arrangement for adapting to hot and humid weather.
    We ate the local famous Cajun food, which was cooked with some peppers, sausages, red beans and rice.
    Online introductions say that this was actually the food of the first black laborers, but it has evolved to be the most unique dietary culture in the region today.
    To be honest, it tastes good.
    If you dream of a French meal, you don't have to come to New Orleans.
    Our dining table is facing the small square between the church and Jackson Garden, the paradise of street artists.
    We just enjoyed a street magic show for free.
    It's all close-range magic.
    It's interesting.
    It's no worse than Liu Qian.
    After dinner, we continued to wander around the corner of France, many beautiful houses, let me stop to take pictures.
    Finally came to Bourbon Bourbon Street, the most famous bar street.
    We finished our meal at about seven o'clock.
    It was just the beginning of a busy bar street.
    There weren't many tourists, but the music was already very noisy.
    There is a tradition in bar street.
    People will stand on the second floor and throw beads and necklaces on the road.
    Beautiful women will lift their skirts to pick up those necklaces, and then the spring is exposed.
    Now that this tradition has become widespread, even male tourists like us in suits and pants will throw beads at you when they walk down the street.
    Let's get busy and experience the unique New Orleans culture.
    I also grabbed two necklaces that night, haha The rainbow flag was flying at one end of the bar street, and the boss reminded us that it might be a gay paradise.
    We also shuttled to Royal Street - Royal Street, another famous street.
    The street is mostly a display of art, so it's very quiet at dinner time.
    Finally, we turned back to the bar street, where there are still street artists on display.
    If you take a picture from the front, you'll tip.
    Then I'll take a picture from the back.
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