Monday, 20 January, 2014

New financial reporting requirements for China

China has announced new reporting requirements for PRC residents - measures which also affect individuals residing in the country for more than a year and corporations registered in China.

The new PRC Foreign Asset Reporting Requirements - which came into effect on 1st January 2014 - are widely seen as being intended to prevent or discourage the "offshoring" of assets.

The State Administration for Foreign Exchange (SAFE) announced (in Circular 642) the revised 'Measures for the Reporting of Statistics on International Receipts and Payments' (国际收支统计申报办法), which were first published in 1995.

 

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