The CRS information exchange between Hong Kong and the Mainland came into effect on September 6, 218, and the first exchange was completed in September 218.

A government spokesman said, "After the signing of the Arrangement, the first automatic exchange of information between Hong Kong and the Mainland will take place later this month, and the first automatic exchange of information between Hong Kong and other 49 tax jurisdictions will also take place at the same time. Hong Kong will continue to fulfill its responsibility to implement automatic exchange of information in accordance with the reporting standards set by the Organization for Economic Cooperation and Development. "

Earlier, Hong Kong initiated the automatic exchange of information with 49 other tax jurisdictions under similar bilateral competent authority agreements or multilateral competent authority agreements under the Convention on Mutual Assistance in Tax Administration.

automatic exchange of information is a global tax cooperation measure, which requires financial institutions to identify the financial accounts held by tax residents who declare tax jurisdictions and collect relevant information to declare to the tax authorities. The Inland Revenue Department of Hong Kong will exchange relevant information with its counterparts who declare tax jurisdictions every year. By the end of August, 218, * * * 149 tax jurisdictions (including Hong Kong) had pledged to implement automatic data exchange.

Extended information:

1. CRS concept:

With the accelerating process of economic globalization, it is becoming more and more serious for taxpayers to hold and manage assets through overseas financial institutions and hide their income in overseas financial accounts to avoid the tax obligations of resident countries. Countries are more and more eager to further strengthen the exchange of international tax information and safeguard their tax rights and interests.

entrusted by the G2, in July 214, the Organization for Economic Cooperation and Development (OECD) issued the automatic exchange standard of tax-related information in financial accounts (hereinafter referred to as CRS), which was approved by the G2 Brisbane Summit that year, providing a powerful tool for countries to strengthen international tax cooperation and combat cross-border tax evasion.

With the vigorous promotion of G2, as of June 3, 217, 11 countries (regions) have committed to implementing CRS, and 96 countries (regions) have signed multilateral or bilateral agreements on implementing CRS. CRS aims to promote the automatic exchange of tax information between countries.

Since 217, all member countries around the world have started to exchange information on residents' assets, which is expected to cover all member countries completely in 218. Member States will sign an agreement on the exchange of citizens' information, and residents' personal information and asset information such as deposit accounts, custody accounts, funds with cash value or insurance contracts and annuity contracts will be exchanged.

2. Method for judging whether information is collected:

Financial institutions such as banks need to identify non-resident accounts, and require non-resident account holders to fill out a "self-certification form" by letter, mail, telephone and other forms, and fill in the tax jurisdiction and tax code in the form.

Take the mainland of China as an example. The tax code is the Chinese identity card number. For non-residents who have recently opened an account, the bank will ask for the tax code when opening an account, and then the bank will no longer ask customers to submit tax information.

Baidu encyclopedia-* * * is the same as the application criteria.