11 November 2016 China issues discussion draft on due diligence requirements to comply with standard automatic exchange of financial account information China's State Administration of Taxation (the SAT) released the Administrative Measures on Due Diligence of Financial Account Information related to Tax Matters of Nonresidents (Discussion Draft) on October 14, for public comments due on October 28. In 2014, the Organisation for Economic Co-operation and Development (OECD) began an approach similar to the US Foreign Account Tax Compliance Act to enhance information transparency as part of its Base Erosion and Profit Shifting (BEPS) actions, i.e., the Standard for Automatic Exchange of Financial Account Information related to Tax (AEOI Standard). In 2014, the Chinese Government committed to adopt the AEOI Standard. The Discussion Draft was issued to meet the commitments. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-1937 |
