Since September 1, two ground will exchange Chinese Hong Kong and Macao as formally as inland CRS account information. If crowd of chinese mainland high net value was in Hong Kong and Macao to open account of 5 kinds of big finance, these account information will pass the automatic switching equipment of CRS to make, pass Chinese tax authority.
Predict by September before, the message of first time account that the meeting CRS that finish leaves 3 ground exchanges chinese mainland, Hong Kong, Macao automatically.
In fact, began in May from this year, the collection that the branch of multilateral duty Wu such as China, Australia, New Zealand had begun CRS pertinent information works. This year 45 month when, account of on Australia 1000 banks is frozen, begin information to collect with branch of Australian duty Wu namely about. Bank of Australia much home sends message to international client, in order to affirm whether these clients belong to Australia dweller.
Begin from today, the overseas assets of Chinese dweller will more vitrification, the asset configuration of crowd of high net value and money management structure also will get puissant concussion. How to change way of traditional conduct financial transactions, answer CRS with correct pose, be inferior to listening to the proposal of the personage inside course of study.
We are here today, will talk about CRS with everybody those things.
1
How taxation of correct look upon and CRS
I am main today be what is sharing CRS after all with everybody, it can produce what kind of effect after all to us, we should answer it with method of what kind of state of mind, means. Before the text that enters CRS, I put a piece of picture to everybody, call taxation large account.
This piece of picture is to want to tell everybody, whole to us fortune manages CRS have major effect. A series of policy that initiate because of CRS at the same time, especially the taxation of Chinese happening reforms policy, produced an effect to our money management.
The reform of the individual income tax that everybody pays close attention to streak quite before, to tax new law, a lot of people speak of to asked for a dot to increase, still can do special deducted. Will tell to labour firewood estate, it is a very big profit really good. To personage of high net value is profit good? The likelihood is half happy care really.
Because yearly salary achieves the crowd of certain amount, duty is lost did not reduce too much. At the same time the country strengthened what be worth personage individual income tax to Gao Jing to superintend, put forward an individual to avoid instead for the first time even the clause of duty and the concept of the duty that remove record. If means wants to exit Chinese citizenship after you, or it is to obtain other country nationality, before you are removing record possibly, duty to pay taxes is fulfilled adequately in China.
Include us whole run to the capital of next individuals, or belongings trades respect, the likelihood can do pay taxes of a prepositive superintend, and won't put in a lot of entrepreneur ground of special one is assured and bold with justice says I had never paid tax. You can discover, our major Chinese, especially the level that personage of China's very much high net value goes up in taxation still may be a pupil.
Below present big environment, we must want to have basic taxation knowledge, put forward before me namely " tax business " . The field that runs in fortune especially, we should have wealth tax business such train of thought and thinking, otherwise the first, know-nothing is dauntless, the likelihood can offend very quickly law. The 2nd, the uncertainty that makes your fortune or inheritance generation possibly very big or it is dangerous.
About estate tax, if speak out house property tax, the person that hold much flatlet produces should assume heavier estate tax possibly during hold house property to lose, then everybody sells a house.
Cite a small case to everybody, there is a villa of 50 million now e.g. Beijing, I ask authority: Who can buy this villa? An entrepreneur says he can be bought, he says I am rich he can be taken out 50 million, but I won't sell possibly. Because I should know this 50 million it is lawful and effective, be pay taxes. So future buys this villatic person the most likely, need offers his pay taxes of 50 million to prove to just can be bought.
The State Council gave 3 ways this year, avoid instead namely duty, wash instead money and turn over horrible financing, as same superintendency item brings into national government. Below such circumstance, likely 5 million bay money leave the country have a problem, may turn over turn over the branch that wash money relevantly.
Before paragraph the event of contract of recreational group yin and yang that everybody knows time, it also is incident of a taxation. A lot of people say we trade daily among behavior, similar recreation encircles such thing very much, very much even violate compasses the thing that break the law, everybody still regards it as a very natural phenomenon.
These reflected what taxation affects us not only to trade, our enterprise, also can affect individual, family, the fortune safety that can affect us even and person are safe. Why must this realize the value of taxation adequately namely so, we should have knowledge of the basiccest business of a few tax, avoid to break the law violate compasses.
Share 3 to everybody next one.
The first " one " it is a word, it is rich Lan Kelin say " death and taxation are two things with inevitable life. It is rich Lan Kelin say " death and taxation are two things with inevitable life..
Of dead correspondence of the west is safe, be born from the baby begin, everybody buys the west safe, the problem of infantile taxation may have death duty at least. So death and taxation, be be born from you quack be born is inevitable.
The 2nd " one " it is an example, it is China first and a exclusive, the kind that can carry international revenue information publicly to exchange to the individual external will undertake the whole world avoids instead the example of duty.
Do to gain ground to everybody, CRS is not a new law, not be to say China is right before the overseas assets of wealthy person not levy, now levy. Want the taxation dweller that you are China only, you are about to be in China to your global earning pay taxes, this law is to never had changed. Because all sorts of superintendency,may be short of before break the problem that creates autonomic sex, did not hand in, this is not represented should not hand in.
The law that CRS is not a levy is a tool only, it is a tool that undertakes information exchange helps each other between the country just. This tool basically is used at checking everybody global earning whether home pays tax.
The predecessor of CRS is exchange of international revenue information, exchange of international revenue information belongs to experience close job in China, the meeting saving ability that develops only at that time has an information assistant director to be in charge of. Share the understanding that a similar case lets everybody is better next.
Be in to Xy couple 2000 when, be in China is a pair of rich couples, their immigrant goes to Canada. The Chinese has feature of a few consistency to abroad immigrant. The first, the postposition car place that reached curtilage buy ground, buy high grade property in great quantities. The person that the 2nd characteristic is China arrived abroad did not work, their very much money may return conference source China. He does not work to mean him to do not have the pay taxes of regular pay pay in Canada, also do not have pay taxes record.
Have a characteristic again, because they are very much,the hematopoiesis function of fortune still is in home, account keeps giving Canada remit money or so China undertakes fortune is transferred. Such a few characteristics caused the attention of Canadian tax authority. Because of Canadian tax authority these a few branches are net of real time couplet, real time information shares, be in Canada, what the tax authority can discover you minute minutes is great and unusual. At that time couple of Xy of tax authority suspicion emigrated the other income that there still is the whole world after Canada was not declared according to the facts.
Tax authority of this moment Canada gave authorities of Chinese duty Wu to deliver one paper special information request. Told China this thing above all, ask Chinese tax authority helps them understand or investigation Xy couple is in China to still have what industry and business next.
International revenue information exchanges the job that is national efforts, undertake consider and be investigatinged technically to the thing at that time with respect to compositive group. The time that we investigated X to use near 9 years spanned nineteen visits town, moved a lot of branches to investigate, a clue can be said to everybody only here -- the maternal armour lady of X. Armour lady is the partner of an enterprise of our home, she is annual with loan of company shareholder status, but after lending a money, she is not returned, pass 7 great aunt the account of 8 mother's eldest sister, with the Xy couple that violated plan step to collect this to be in Canada.
There is a regulation inside policy of Chinese duty Wu is, if shareholder borrow or lend money exceeds what did not return inside 12 months, inspect with dividend income, want capture the dividend duty of 20% . We did pay an overdue tax to armour lady, at the same time we be in China to Xy couple these investigation state of affairses of home kept one paper information, the reply gives Canada the tax authority. Come here undertook an information each other is connected between two countries have without, you can discover, XY couple the money income in the whole world is total exposure.
How to do after exposure? Canada says then you are the taxation dweller of my Canada, your global earning wants to be declared to my Canada, so good, you want my Canada pay an overdue tax. China says, we worked so long, make clothing to others, we think, the wealth before XY couple goes Canada is accumulated in China, before then you go, in our China pay taxes? I should have pay an overdue tax. After two tax authorities undertake handling to this law case, bring about a large number of shrink of the fortune of XY couple directly.
Tell everybody through a such example, the first, how does information of revenue of CRS, international have trade. The 2nd tell everybody the person to immigrant or the person that remove record namely, or take other country the person of the identity, may be faced with double or multiple taxation risk, or it is taxation monitoring, it is to avoid instead even duty.
3 " one " the last " one " it is a signal, we must carry such an information trade, change through a such duty, avoid instead through the whole world duty, vitrification of money whole world, this signal is not reversible.
Still having a signal is to tell everybody taxation had passed to break the law before violate the time of compasses, be used to previously do not pay tax, steal an evade taxation, present trend is to want to let your fortune receive inheritance, get administrative or be safe, be about to close legally compasses.
2
Plan of administration of CRS newest fact has what feature
Give everybody special topic next explain the common sense with basic CRS and basic knowledge. The purpose is the understanding that lets everybody have a correct opposite authority to CRS.
OECD initiates CRS, now is 104 countries are participated in, china from September 2018 the portion begins to carry out.
CRS is financial account information is exchanged automatically, cite a case, for instance I have 10 million RMBs to call bank account in the broken bits of Hong Kong now, broken bits hits a bank to be met me this account information of 10 million gives the tax authority of Hong Kong.
The duty Wu authorities of that Hong Kong can exchange this information to inland, the tax authority of this moment inland can find my inquiry to be in Hong Kong circumstance of the origin of 10 million capital, pay taxes. Say CRS is the tool of an exchange only so, it is the country appoints what exchange uses at the whole world to avoid duty manages what run area under administration with the taxation of each country to superintend instead.
Participate in a country to look at present now from CRS, begin whole BVI 17 years to avoid the country of duty ground falls into enemy hands basically actually, leave for instance graceful, British a few off shore with Wei Erjing's international trade and financial commonly used orgnaization avoid tax district has fallen into enemy hands, also agree to have this trade.
The Zhao Wei incident before including, zhao osmund incident is she is leaving graceful the financial account exposure such as the fiducial, investment of financial account, still have British queen at the same time with Zhao Wei actually, italian premier waits, their account exposure.
Our China is in the 2nd batch, still Chinese immigrant compares much area, for instance Canada, australia, new Zealand, singapore had been participated in, still the country that did not participate in individually also is participated in in land add add come in. When CRS just came out last year, a lot of people say Taiwan. A lot of Taiwan businessmen also say you open an account to Taiwan bank, taiwan won't exchange with the mainland. Very fast later CRS also had legislation in Taiwan.
Everybody is not put in fluky psychology, thinking a country not always to still do not have exchange, next that country may do not have conjugate, make a few simple fortune arrangement. It wants conjugate only, brought into, then it is about to execute trade. Before the likelihood because this country is temporary,without what exchange does this plans and arrangement is impolitic.
It is to should remind everybody to want to paid close attention to what country closely to participate in so, what country conjugate, what country was carried out, these can have in government-owned net, can use think I can be in the arrangement that the account of what country may make sex of a phase.
This is an exclusive document that China sends to CRS.
The executive schedule of the CRS that again everybody sees our China is began trade September from this year, end to arrived June 30 last year of abroad financial account add total remaining sum, if exceed 1 million dollar, the likelihood is in this year wanted exchange to come back September.
Begin from next year, million dollar above, organic still compose above of fifty thousand and twenty dollars, the likelihood also should have trade.
With everybody the key says Hong Kong, because Hong Kong is special active, formally is very fast, as the legislation of CRS, these people that everybody can discover the mainland already in succession be talked about about by each financial orgnaizations of Hong Kong and bank, stockjobber, obtain the information of a few account that checks him.
A lot of account are shut recently or be to freeze even. These explain Hong Kong is below the frame of opposite law, begin to have such CRS government. Want to remind everybody so, follow our connection to orgnaization of Hong Kong finance, when perhaps saying we disclose a few information to Hong Kong, we want very intense attention, the face has the problem of CRS here.
Cite the real case of a client to everybody. A lot of people did not seek the bank me to regard as a thing that feels special to rejoice, not be actually such. If financial orgnaization bears the blame to you, should look for you to enquire, enquire you are the taxation dweller of which country at least.
If did not enquire you, and if the account amount of your overseas is larger, suggest everybody is communicated actively with financial orgnaization, because it nots ask you are not a favour, it is possible according to him before information acquiesce signs up for the past to you. So overseas, we should develop a kind of habit: The know the inside story that enjoys you counterpoises.
This my client does not have the accused to know, I am taking him to be communicated with the bank of Hong Kong later, discover the bank has signed up for his information to the tax authority of Hong Kong, did not tell him however, the problem is newspaper fault. This client 10 years ago, he opened with the Id of the mainland in Hong Kong door, open an account at that time the identity of he or mainland, a lot of money were put to this account inside.
But the dweller status that he had obtained Hong Kong before two years, it is to had lifted the home to settle in Hong Kong even, had been the taxation dweller of Hong Kong. According to CRS regulation, these money on Hong Kong account (this one 100 million) should be not declared, or should be not exchanged.
But bank the first, he checks the status that which country is below the circumstance in remaining sum now without the client that follows me, the 2nd, the bank acquiesces him be the taxation dweller of the mainland, went back this information exchange. We sent lawyer letter to ask to correct to the bank after understanding. Even we a few be in Hong Kong had been the company that entity is managed, should be not exchanged, but each are big the bank declares this thing basically to CRS, exposure of information of this client account unites a standard to what degree neither one.
As the individual, we must want: Want to know the knowledge of a bit CRS. The 2nd should as early as possible go contacting with financial orgnaization, because be they declare our information,go out, they are accountability also the identity that will check us with us, answer to should be not exchanged go out.
3
CRS is worth the influence of the crowd and risk to Gao Jing
What this piece of picture tells below is how CRS moves.
A lot of case were discussed in front, summing up is 3 characteristics:
The first, the collect of financial information perhaps initiates the financial orgnaization that is us (it is a bank not merely, still have insurance, illicit collect, fiducial, negotiable securities) , it is these financial orgnaizations give a tax authority our account information.
The 2nd, exchanging principal part is a tax authority, the tax authority that is two countries exchanges respective account information come back.
The 3rd, it is an examine and verify that will whether undertake pay taxes to the individual by the tax authority of respective dweller country, or a management of after the event.
What this piece of plan still says is whole moving mechanism, summary CRS of a such tool apply and happen, to our influence.
His influence is square field surface, above all the fortune that the biggest impact is us, our financial capital is in global exposure. The 2nd, is the global earning that is us sufficient pay taxes? One when should accept each country tax authority possibly is superintended or one is investigated.
Have again even if we avoid through BVI these empty shell companies of duty ground have international trade, have investment, undertake capital is run, for instance a lot of fiducial, it is off shore for the most part fiducial, whole capital runs the structural frame that is off shore for the most part.
These before accepted be measure of tax of a constant avoid, fall in a such circumstance now, basically be not quite feasible below global limits circumstance. Each national capital is in company of empty to these shell to undertake superintendency, a lot of information of the individual basically are whole sky carapace, the action of off shore company is in future is less and less, discover company of a lot of off shore and off shore account even already have more than is needed.
A lot of clients are more bemused why we a lot of money are put in off shore account, after off shore account was frozen now, be equivalent to this bank note be received without next homes, this money is not moved, also took a lot of future trouble.
The person of multiple to taking identity, produce the person of configuration to sea foreign capital, to immigrant, still a few sit the person of emigrant inspect, to the person of emigrant inspect the likelihood was to enter hot water of a kind of convict, can be faced with double multiple perhaps avoid instead duty.
This asks we weigh new look upon how to do the asset of this whole world to configure, how we are answered before taxation accumulates the illegimate disagreement compasses among the process in fortune. After rising because of CRS, the Chinese is very clever considered sundry method, arrive as a child use credit card to come to remaining sum go, perhaps involve account.
Still have do the various means such as identity of false identity, make a false report to come for instance simple and crude go answering CRS.
Be opposite from whole OECD country actually in light of a such fact that CRS is dozen of ceaseless patch, a few opportunistic caution that we thought of in the past are thought of, slowly by international avoid tax regulation hit a patch instead. Even OECD puts forward to plan to come through multiple identity directly avoid CRS this thing can be informed against, brought into directly whole avoid instead a mine field of duty.
4
How does correct pose answer CRS new politics?
Raise a few objective proposals to everybody finally.
For instance estate, financial account is exchanged now, those who buy a house do not exchange. Above all you buy a house is entire section and do not have financial side a few participate in, have abroad house again cheap, if capital reachs certain amount, of the house change show strength whether satisfy you the configuration of whole fortune need to choose.
Be to in whose under one's name be put next? It is the under one's name that is put in father, maternal under one's name, still be child under one's name. Your meeting discovery still has death duty the influence of donative duty, put on the body of which family member to also make our choice. The case that these choose to need ourselves him basis will analyse.
I summarized a few point of views of the configuration about fortune domain to everybody.
Above all taxation is neuter, fortune configures substantially, because taxation goes,do not do a few break the law violate the thing of compasses. The first, undeserved. The 2nd, very difficult can all over and retreat, what must hold revenue so is neuter, the look upon that wants reason it.
The 2nd, the lever of taxation, taxation is not those who hand in is less better. E.g. us the company pays tax more to appear on the market, the company earnings that makes duty ability reflect you more is good, profit is good, foreground is good. The integral increase for our fortune is the biggest change, it is likely those who hand in is more better. Our taxation plans to want with the interest premise of the biggest melt into.
Have the problem of the capital safety that is us and abiding inheritance again. For instance generation entrepreneur wants a fortune inheritance, not be partner of equity of change of a company, change a president was passed, generation entrepreneur has a few to break the law more or less between primitive accumulation violate the thing of compasses. Send money when you 2 generation when, actually you before original sin, your risk also expressed your 2 era.
This moment should do a segregation to the history, do to clear, if you want to begin afresh, clean, go down your fortune inheritance clearly, because taxation has a few main effect,these likelihoods are met.
Finally, offer oneself a few point of views, correct pay taxes, the viewpoint of reasonable pay taxes. The first, we should take our offer the duty of accept, also want sufficient enjoyment at the same time the taxation bonus that the country gives us, make full use of a few favourable policy. If this has been designed, the duty that perhaps can optimize us from the angle of policy major is lost. This is the connotation of the viewpoint of correct pay taxes and reasonable pay taxes.
Today, the thinking that has globalization position will decide the money status that you did not come to 10 years!
Favorite friend can pay close attention to me, fixed newer overseas investment is emigrant and relevant information
