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Individual Overseas Financial Assets Need To Be Declared Personal Violation In January 1St Next Year. The Maximum Penalty Is 50 Thousand Yuan.

2013/11/27 20:07:00 21

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Personal Overseas Financial Assets Declaration Fines

P > strong > experts talk about the three major causes of modification "/strong > >.
 > why a href= "http://www.91se91.com/news/" > balance of payments < /a > statistical reporting method should be revised. Dean of University of International Business and Economics finance school Ding Zhijie gave three reasons: 
 "new situation": the scale of international balance of payments spanactions is expanding, and the contents, types and modes of spanactions are increasingly 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; 
 "new problems": the current uncertainties in the operation of the international balance of payments increased, the abnormal cross-border capital flows intensified, and the supervision became more difficult; 
 < new requirements >: the International Monetary Fund (IMF) issued the international balance of payments and international investment position manual (Sixth Edition) in 2009, which has been comprehensively revised and refined in the aspects of statistical principles, scope and classification, as well as the framework structure. 
Zhang Bin, director of the global macroeconomic research office of the Institute of world economics and politics of the Chinese Academy of Social Sciences, said: "after the revision of the system, we need to further improve the relevant systems and comprehensively enhance the statistical level of China's external financial assets, liabilities and spanactions, so as to provide an important basis for macroeconomic regulation and control." P At the same time, we should continue to improve the statistical methods so as to make them more adaptable to the new requirements of the method and achieve the purpose of modifying the method. 
 strong > who needs to declare? Chinese residents and foreigners who live in China have to declare /p >
 "Regulations" stipulates that "individuals with Chinese a href=" http://www.91se91.com/news/ "> financial assets < /a > liabilities shall declare 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 spanactions in China, and make clear that non Chinese residents who have economic spanactions in China and those in China are obliged to declare their balance of payments information. 
 what needs to be explained is that only the non Chinese residents who have economic spanactions in China need to fulfill their reporting obligations. If non Chinese residents do not have economic spanactions in China or overseas economic spanactions, they do not need to declare. The economic spanactions 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. 
 in addition, the residents in the measures are residents in statistics, including institutions and individuals. Specifically, it includes natural persons who have lived in China for more than 1 years (foreign students in China, medical personnel, foreign embassies and consulates, foreign staff members and their dependents), 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. 
 which < a href= "http://www.91se91.com/news/ > > assets < /a > need to declare" investment funds "is also reporting scope /p >
 with the deepening of China's opening to the outside world, the stock of foreign financial assets and liabilities of Chinese residents is 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 include statistical monitoring. 
 "Regulations" stipulates that "Chinese individuals with foreign 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. 
 at present, more and more people are distributing 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", the HK $10 million financial assets must be declared to the foreign exchange bureau. In addition, some mainland residents invest in stocks and Hong Kong stocks through various channels, or purchase funds and financial products issued by offshore financial institutions. These assets are also required to be declared according to regulations. 
 no declaration according to the regulations. The maximum penalty is 50 thousand yuan .
 "measures" emphasizes once again that the 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. The punishment includes: the foreign exchange administrative organ shall order correction and give a warning; the institution may impose a fine of not more than 300 thousand yuan, and impose an individual fine of less than 50 thousand yuan. 
 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 spanfer 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.