Move Towards A Chinese FATCA?

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Enhanced Reporting Requirements for PRC Residents on Foreign Assets and Transactions -

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 ofthe 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 19952 ("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.

REPORTING LIABILITY - ON WHOM?

The reporting requirements under Circular 642 are imposed on 'PRC Residents', as well as 'non-PRC residents carrying out economic activities within the PRC'.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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