Expanding Exchange of Information (EOI) network


Expanding Exchange of Information (EOI) network

In the 1990s, the exchange of information on request was the main form of EOI and ten countries including the US, the UK, Japan and South Korea were our partners. As China blends into the world economy in the 21st century, its rate of exchange of information for tax purposes has accelerated. China has maintained stable working relationships with over 50 tax jurisdictions in relation to EOI in 2019 and reviewed over 300 cases of EOI on request. It also continued to carry out cooperation programs of EOI with other countries through the JITSIC platform.

China signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in August 2013 (See Table 10). The Convention became applicable to China on February 1, 2016 and has started to be implemented by China since January 1, 2017. China also signed Tax Information Exchange Agreements (TIEAs) with ten tax jurisdictions including Bahamas, British Virgin Islands, Isle of Man, Guernsey, Jersey, Bermuda, Argentina, Cayman Islands, San Marino and Liechtenstein, all of which have come into force and been implemented (See Table 11). China's mutual administrative assistance network has expanded to cover major trade partners and low tax jurisdictions which have frequent economic ties with China.

In 2014, China promised to implement the Standard for Automatic Exchange of Financial Account Information. With the approval of the State Council, the STA signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Information in December 2015.

In May 2017, the STA, the MOF, the People's Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), the China Insurance Regulatory Commission (CIRC) and the China Securities Regulatory Commission (CSRC) jointly rolled out the Measures on Due Diligence of Nonresident Financial Account Information in Tax Matters. It took effect on July 1, 2017 and realized the implementation of CRS in China. In June 2018 and June 2019, domestic financial institutions successfully accomplished the report of nonresident financial account information in tax matters. In September 2018, China exchanged information with major economies and financial centers in the world, obtained offshore account information of Chinese taxpayers and laid a solid foundation for the fight against cross-border tax evasion and avoidance.

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