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Deloitte National GFSI Tax Leader Patrick Yip interviewed by the Hong Kong Economic Journal regarding the CRS

The Hong Kong Economic Journal recently published an article, titled "CRS prepares to collect tax" on 5th December 2017, in which our National GFSI Tax Leader Patrick Yip was quoted in the article.

On 1st July 2017, the Administrative Measures for Due Diligence on Non-resident Financial Account Information in Tax Matters (the "Chinese law") or "China CRS" clearly states that in addition to banks, securities companies, futures companies, insurance companies, trusts and other traditional financial institutions; securities investment fund management companies, private equity fund management companies and their business partners are now also regarded as financial institutions which are obligated to perform due diligence and information reporting.

Patrick pointed out that CRS would help fight money laundering, cross border corruption and tax evasion. Under CRS, the overseas investment account information of Hong Kong tax residents (or via their overseas companies) will be made available to the Hong Kong Inland Revenue Department (IRD). In addition, the account information of overseas registered companies which actually operate in Hong Kong will be also reported to the IRD through CRS.

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