China - Updates on CRS reporting of TINs, English names and the extension of the reporting due date
STA in the updates provided information about the due date and requirements related to the content of the CRS Reporting.China based reporting financial institutions to stay in line with the CRS reporting requirements.
The reporting gateway is available from 1 August 2020 until 30 September 2020.
The reporting due date to submitting the CRS annual reports will be extended to 31 October 2020
The system is enhanced to validate Tax Identification Numbers (“#TINs), English names and addresses and will not allow Chinese characters and meaningless contents.
China based CRS reporting financial institutions are encouraged, to establish adequate CRS reporting policies and procedures fulfilling the newly defined requirements by STA.
You need help to meet the reporting due dates and requirements?
Please feel free to contact me for an initial discussion on potential solutions to meet your CRS due diligence and reporting requirements and helps you to stay compliant.
About the Author
Marco is a Banker, MBA (finance and accounting), qualified lawyer (LL.M international business and tax law) with 30+ years of working experiences gained within leading Commercial & Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco is focused on advisory services and project management in the field of
AEoI, FATCA, EU-DAC6, OECD-CRS;
U.S Qualified intermediary regime (QI);
Withholding Tax on Capital gains and Investment Income
Securities transaction tax (stamp tax); and
Austrian, German, Hong Kong, Swiss and U.S. International Tax Law