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.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.