Move towards a Chinese FATCA?

Tax Update

On 9 November 2013, the PRC State Council released the revised reporting requirements for 'PRC residents' in relation to their cross-border receipts and payments as well as foreign assets and liabilities (Order of the PRC State Council No. 642 outlining the "Decision of the State Council on Amending the Measures for Reporting of Statistics on International Receipts and Payments", hereinafter referred to as "Circular 642"), effective from 1 January 2014. Circular 642 revises the Measures for Reporting of Statistics on International Receipts and Payments first published by the State Administration for Foreign Exchange ("SAFE") in 1995[2] ("1995 Measures"). The revised 1995 Measures, hereinafter referred to as "2014 Measures", expands the group of persons subject to the reporting requirements as well as the reportable events.

Read the report in full here.