Personal Overseas Financial Assets Need To Be Declared Personal Violation Of The Provisions Of The Maximum Fine Of 50 Thousand Yuan.

< p > < strong > which people need to declare < /strong > /p >
< p > < strong > Chinese residents and foreigners who live in China have to declare < /strong > /p >
< p > the "international balance of payments statistics declaration method" stipulates that "individuals with foreign a href=" http://www.91se91.com/news/ > financial assets < /a > liabilities shall declare the relevant conditions of their foreign financial assets and liabilities in accordance with the provisions of the State Administration of foreign exchange. " At the same time, the revised measures will include non Chinese residents who are engaged in economic transactions in China, and make clear that non Chinese residents who have economic transactions in China and those in China are obliged to declare their balance of payments information. < /p >
< p > what needs to be explained is that only the non Chinese residents who have economic transactions in China need to fulfill their reporting obligations. If non Chinese residents do not have economic transactions in China or overseas economic transactions, they do not need to declare. The economic transactions between Chinese residents and non Chinese residents are mainly made by Chinese residents, and they are not declared by non Chinese residents who can not meet the needs of the international balance of payments statistics or do not declare data collected by Chinese residents. < /p >
< p > in addition, the "residents" in the "balance of payments statistics declaration method" are residents in statistics, including institutions and individuals. Specifically, it includes natural persons who have lived in China for more than 1 years (overseas and Hongkong, Macao and Taiwan regions, including overseas students, medical personnel, foreign embassies and consulates, foreign staff members and their families), and Chinese short-term expatriates (who live abroad for less than 1 years), overseas Chinese personnel, medical personnel and Chinese embassies and consular missions in China and their family members. They also include legally established enterprises and institutions in China (including foreign-invested enterprises and foreign-funded financial institutions) and overseas institutions in China (excluding international organizations stationed in China, embassies and consulates in foreign countries), and Chinese state organs (including Chinese embassies and consulates abroad), groups and troops. < /p >
< p > < strong > which assets need to declare < /strong > < /p >.
< p > < strong > investment immigration "funds" is also reporting scope < /strong > /p >
< p > with the deepening of China's opening up to the outside world, Chinese residents' external a href= "http://www.91se91.com/news/" > Finance < /a > assets and liabilities stocks are also increasing. However, such data can not be collected entirely by financial institutions. In order to ensure the integrity of the balance of payments statistics, it is necessary to be included in the statistical monitoring scope. < /p >
< p > the "international balance of payments statistics declaration method" stipulates that "the Chinese residents who have external financial assets and liabilities shall declare their foreign financial assets and liabilities in accordance with the provisions of the State Administration of foreign exchange". Compared with the original "measures", this is a new provision. At present, the State Administration of foreign exchange has not stipulated how individuals declare foreign assets and liabilities. Han Jian, member of the IMF Statistical Committee on international payments, expects to introduce rules in the future, and may require individuals who have more than a certain amount of foreign financial assets or liabilities to submit relevant information. < /p >
< p > at present, there are more and more Chinese assets and immigrants overseas. Some investment immigration projects themselves are direct investment and financing behaviors. For example, Hongkong's investment settlement projects need to invest HK $10 million in Hongkong's stock, securities and other financial products. According to the new "international balance of payments statistics declaration method", or not to declare according to the regulations, what will happen? {page_break} < /p >
< p > < strong > Personal violation. The maximum penalty is 50 thousand yuan < /strong > < /p >.
< p > > the international balance of payments statistics declaration method emphasizes once again that Chinese residents and non Chinese residents do not declare the balance of payments statistics in accordance with the regulations, and the State Administration of foreign exchange or its branches shall be punished according to the provisions of the forty-eighth provision of the foreign exchange control regulations of the People's Republic of China. < a href= "http://www.91se91.com/news/ > > punishment" /a > > includes: the foreign exchange administrative organ shall order corrections and give warnings; the institutions may be fined below 300 thousand yuan, and individuals may be fined not more than 50 thousand yuan. < /p >
< p > however, many people have questioned this kind of declaration. "At present, restricted by foreign exchange control, mainland Chinese residents can only buy foreign exchange for 50 thousand US dollars a year. Many people transfer overseas funds through illegal channels such as underground banks. This part of the financial assets, individuals will not declare, foreign exchange departments are also difficult to monitor the investigation. At the same time, we need to have more detailed rules to make the regulations no longer nominal. People in the industry say so. < /p >
< p > Ding Zhijie, Dean of the school of finance, University of International Business and Economics, believes that in recent twenty years, China's foreign economy has been developing vigorously, and the scale of international balance of payments transactions has been expanding. The contents, types and ways of transactions are becoming more and more diversified. New products such as cross-border securities investment, financial derivatives and new businesses such as electronic banking and international bank cards are constantly emerging, leading to the increase of uncertainties in current international balance of payments operation, the aggravation of abnormal cross-border capital flows and the difficulty of supervision. It is necessary to improve the reporting system of balance of payments statistics, further enhance the monitoring and analysis of cross-border capital flows, and improve early warning capabilities. < /p >