If you are a foreign tax resident of a country where you receive income, the Automatic Exchange of Information (AEOI) law will affect you. As part of this law, many countries, including Australia and China, have introduced a Common Reporting Standard (CRS) – a single global standard for the collection, reporting and exchange of financial account information on non-resident.
Under this regime, financial institutions must report customers who are foreign tax residents to the tax authorities of the country in which they operate, who will then share that information with the relevant tax authority in the other country. The first data exchange from September 2018.
See our full article on Accru Asia, Common Reporting Standard exchange starts 30 September, to find out
- How the Common Reporting Standard works
- What financial institutions are covered
- How it will affect you
Please contact your Accru Felsers advisor if you need help to determine your tax residency, or would like to know more how this will affect your overseas employees.