Research On The Legal Issues Of Implementing CRS In China

In 2014,the Organization for Economic Co-operation and Development(OECD)issued the "Standard for Automatic Exchange of Financial Account Information"(hereinafter referred to as "AEOI Standard")),In order to solve the problem of taxpayers hiding overseas assets to achieve the purpose of tax avoidance.China,as one of the OECD member countries,in order to fulfill its commitment to implement the core content of the "AEOI Standard" is the "Common Reporting Standard"(Common Reporting Standard,hereinafter referred to as CRS)International obligations,China 's relevant departments jointly issued the “Administrative Measures on the Due Diligence of Tax Information on Non-resident Financial Accounts”(hereinafter referred to as “Administrative Measures”).The implementation of the rules for transparency of financial account information involved in CRS is for China It is purely foreign,because there is no such thing as the so-called automatic declaration and sharing of account information between the Chinese tax authorities and domestic financial institutions.In order to gain an advantage in international competition,China should make a reasonable response when fulfilling its CRS reporting obligations.This article starts with the background and content of CRS,explores the value and significance of CRS,and based on the existing research results at home and abroad,finally formed the direction and focus of this article.In addition to the introduction and conclusion,this article is divided into four chapters.The first chapter is an overview of CRS.It mainly includes an introduction to the background of CRS formulation,the relationship between CRS and the US Foreign Account Tax Compliance Act(hereinafter referred to as FATCA),the basic legal structure of CRS,the country where CRS needs to be declared,participating countries,and the significance of implementation.Chapter 2,the legal issues and analysis of the implementation of CRS in China.Starting from the current status of CRS implementation in China,the typical problems in the process of CRS implementation in China are analyzed,and corresponding legal analysis is made.First analyze the loopholes of the CRS compliance system,and then analyze the three issues in the process of implementing CRS in China.First,the protection of personal information in China under CRS;second,the compliance of Chinese non-financial institutions under CRS;Under the supervision of illegal financial institutions.Chapter 3,the legal system and enlightenment of CRS implementation outside the region.First,a brief analysis of the overall implementation of CRS outside the region;then,the analysis summarizes the implementation experience of CRS in Argentina,New Zealand and Qatar,and gets inspiration for the implementation of CRS legal issues in China.Chapter 4: Legal advice on the implementation of CRS in China.Corresponding legislative proposals are mainly proposed for the three issues in Chapter 2.First,strengthen regulations on the protection of personal information;then,issue CRS guidelines to resolve compliance issues of non-financial institutions;and finally,establish a compliance review and supervision system for financial institutions.